Second Quarter 2024 Financial Highlights
- GAAP net income of $101.3 million, or $2.07 per diluted
share.
- Net operating income(i) of $105.9 million, or $2.16 per diluted
share.
- Average loans increased 7.7% on a linked-quarter, annualized
basis, to $23.8 billion.
- Average loans increased $1.6 billion, or 7.3%, as compared to
the second quarter of 2023.
- Average deposits increased 9.7% on a linked-quarter, annualized
basis, to $34.3 billion.
- Net interest margin was 2.51%, an increase of three basis
points from the linked quarter.
- Credit quality remained strong, with net charge-offs of just
0.05% of average loans in both the second quarter and the six
months ended June 30, 2024.
UMB Financial Corporation (Nasdaq: UMBF), a financial services
company, announced net income for the second quarter of 2024 of
$101.3 million, or $2.07 per diluted share, compared to $110.3
million, or $2.25 per diluted share, in the first quarter (linked
quarter) and $90.1 million, or $1.85 per diluted share, in the
second 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 $105.9 million, or $2.16 per diluted share, for the
second quarter of 2024, compared to $120.7 million, or $2.47 per
diluted share, for the linked quarter and $93.8 million, or $1.93
per diluted share, for the second 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 $146.8
million, or $3.00 per diluted share, for the second quarter of
2024, compared to $157.5 million, or $3.22 per diluted share, for
the linked quarter, and $127.9 million, or $2.63 per diluted share,
for the second quarter of 2023. These operating PTPP results
represent a decrease of 6.7% on a linked-quarter basis and an
increase of 14.8% compared to the second quarter of 2023.
“We are pleased with our second quarter financial results,
including continued net interest income growth driven by balance
sheet growth and net interest margin expansion, and solid credit
metrics,” said Mariner Kemper, UMB Financial Corporation chairman
and chief executive officer.
“In the second quarter, average loans increased 7.3% to $23.8
billion, and average deposits increased $2.9 billion or 9.1% from
one year ago. Our borrowers remain cautiously optimistic, with some
continuing concerns around the geopolitical environment, inflation,
and the timing of potential rate cuts. Competition for good deals
remains robust, however, our focus on relationships and service are
our differentiators, allowing us to continue to take market
share.
"Credit quality remains very strong, with net charge-offs just
0.05% of average loans for both the second quarter and
year-to-date. Net charge-offs have averaged a mere four basis
points over the past eight quarters. Non-performing loans fell to
just 0.06% of loans for the second quarter.
"Our teams excel at building and maintaining strong
relationships across our footprint, and we’re focused on continuing
our long track record of growth. We remain excited about the
future, including our pending acquisition of Heartland Financial
and the opportunity we see as a combined company.”
(i) A non-GAAP financial measure reconciled later in this
release to net income, the nearest comparable GAAP measure.
Second Quarter 2024 earnings discussion
Summary of quarterly financial
results
UMB Financial
Corporation
(unaudited, dollars in thousands, except
per share data)
Q2
Q1
Q2
2024
2024
2023
Net income (GAAP)
$
101,345
$
110,258
$
90,110
Earnings per share - diluted (GAAP)
2.07
2.25
1.85
Operating pre-tax, pre-provision income
(Non-GAAP)(i)
146,840
157,451
127,929
Operating pre-tax, pre-provision earnings
per share - diluted (Non-GAAP)(i)
3.00
3.22
2.63
Operating pre-tax, pre-provision income -
FTE (Non-GAAP)(i)
153,247
163,967
134,504
Operating pre-tax, pre-provision earnings
per share - FTE - diluted (Non-GAAP)(i)
3.13
3.35
2.77
Net operating income (Non-GAAP)(i)
105,873
120,712
93,841
Operating earnings per share - diluted
(Non-GAAP)(i)
2.16
2.47
1.93
GAAP
Return on average assets
0.96
%
1.06
%
0.90
%
Return on average equity
12.73
14.11
12.56
Efficiency ratio
63.37
63.44
65.59
Non-GAAP(i)
Operating return on average assets
1.00
%
1.16
%
0.93
%
Operating return on average equity
13.30
15.44
13.08
Operating efficiency ratio
61.86
60.04
64.24
(i)
See reconciliation of Non-GAAP measures to
their nearest comparable GAAP measures later in this release.
Summary of year-to-date financial
results
UMB Financial
Corporation
(unaudited, dollars in thousands, except
per share data)
June
June
YTD
YTD
2024
2023
Net income (GAAP)
$
211,603
$
182,547
Earnings per share - diluted (GAAP)
4.32
3.75
Operating pre-tax, pre-provision income
(Non-GAAP)(i)
304,291
263,298
Operating pre-tax, pre-provision earnings
per share - diluted (Non-GAAP)(i)
6.22
5.41
Operating pre-tax, pre-provision income -
FTE (Non-GAAP)(i)
317,214
276,428
Operating pre-tax, pre-provision earnings
per share - FTE - diluted (Non-GAAP)(i)
6.48
5.68
Net operating income (Non-GAAP)(i)
226,585
186,677
Operating earnings per share - diluted
(Non-GAAP)(i)
4.63
3.83
GAAP
Return on average assets
1.01
%
0.93
%
Return on average equity
13.41
13.14
Efficiency ratio
63.41
64.34
Non-GAAP(i)
Operating return on average assets
1.08
%
0.95
%
Operating return on average equity
14.36
13.44
Operating efficiency ratio
60.94
63.61
Summary of revenue
UMB Financial
Corporation
(unaudited, dollars in thousands)
Q2
Q1
Q2
CQ vs.
CQ vs.
2024
2024
2023
LQ
PY
Net interest income
$
245,108
$
239,434
$
225,611
$
5,674
$
19,497
Noninterest income:
Trust and securities processing
70,010
69,478
61,589
532
8,421
Trading and investment banking
5,461
5,462
4,800
(1
)
661
Service charges on deposit accounts
22,261
20,757
21,381
1,504
880
Insurance fees and commissions
267
283
225
(16
)
42
Brokerage fees
14,020
13,160
13,604
860
416
Bankcard fees
22,346
21,968
18,579
378
3,767
Investment securities (losses) gains,
net
(1,867
)
9,371
900
(11,238
)
(2,767
)
Other
12,421
18,765
17,004
(6,344
)
(4,583
)
Total noninterest income
$
144,919
$
159,244
$
138,082
$
(14,325
)
$
6,837
Total revenue
$
390,027
$
398,678
$
363,693
$
(8,651
)
$
26,334
Net interest income (FTE)
$
251,515
$
245,950
$
232,186
Net interest margin (FTE)
2.51
%
2.48
%
2.44
%
Total noninterest income as a % of total
revenue
37.2
39.9
38.0
Net interest income
- Second quarter 2024 net interest income totaled $245.1 million,
an increase of $5.7 million, or 2.4%, from the linked quarter,
driven primarily by continued growth in average loans and higher
levels of liquidity, partially offset by higher interest
expense.
- Average earning assets increased $359.7 million, or 0.9%, from
the linked quarter, largely driven by an increase of $451.8 million
in average loans and an increase of $182.8 million in
interest-bearing due from banks, partially offset by a decrease of
$314.6 million in average securities.
- Average interest-bearing liabilities increased $375.9 million,
or 1.3%, from the linked quarter, primarily driven by an increase
of $778.0 million in interest-bearing deposits, partially offset by
a decrease of $439.0 million in borrowed funds. Average
noninterest-bearing demand deposits increased $36.6 million, or
0.4%, as compared to the linked quarter.
- Net interest margin for the second quarter was 2.51%, an
increase of three basis points from the linked quarter, driven by
increased loan yields, the benefit of free funds, and earning asset
mix changes, partially offset by the increased cost of
interest-bearing liabilities. The cost of interest-bearing
liabilities increased 12 basis points to 4.15%. Total cost of funds
increased 10 basis points from the linked quarter to 3.06%. Both
average loan yields and earning asset yields increased 13 basis
points from the linked quarter.
- On a year-over-year basis, net interest income increased $19.5
million, or 8.6%, driven by a $1.6 billion, or 7.3%, increase in
average loans, partially offset by higher interest costs due to
unfavorable mix shift in the composition of liabilities as well as
the impact of higher short-term interest rates.
- Compared to the second quarter of 2023, average earning assets
increased $2.0 billion, or 5.2%, largely driven by the increase in
average loans noted above and an increase of $779.2 million in
interest-bearing due from banks, partially offset by a decrease of
$360.3 million in average securities.
- Average deposits increased 9.1% compared to the second quarter
of 2023. Average noninterest-bearing demand deposit balances
decreased 4.1% compared to the second quarter of 2023, driven by
migration to rate-bearing deposit categories, as expected in a
higher interest rate environment. Average demand deposit balances
comprised 29.4% of total deposits, compared to 30.0% in the linked
quarter and 33.5% in the second quarter of 2023.
- Average borrowed funds decreased $439.0 million as compared to
the linked quarter and $1.4 billion as compared to the second
quarter of 2023, driven by short-term borrowings with the Federal
Home Loan Bank and the Federal Reserve.
Noninterest income
- Second quarter 2024 noninterest income decreased $14.3 million,
or 9.0%, on a linked-quarter basis, largely due to:
- $11.2 million in lower investment securities gains, primarily
driven by a net $8.6 million gain on disposition of two of the
company's non-marketable securities recognized in the first quarter
and a $2.6 million reduction in value of one of the company's
non-marketable securities during the second quarter.
- A decrease of $5.8 million in other miscellaneous income,
recorded in other income, related to a $4.0 million legal
settlement and a $1.8 million gain on sale of land, both recorded
during the first quarter of 2024.
- These decreases were partially offset by an increase of $1.6
million in derivative income, recorded in other income, and an
increase of $1.5 million in service charges on deposit accounts
primarily due to higher healthcare income related to customer
transfer and conversion.
- Compared to the prior year, noninterest income in the second
quarter of 2024 increased $6.8 million, or 5.0%, primarily driven
by:
- Increases of $5.6 million in fund services income, $1.5 million
in corporate trust income, and $1.3 million in trust income, all
recorded in trust and securities processing.
- An increase of $3.8 million in bankcard income primarily driven
by higher interchange revenue and lower rebates and rewards expense
as compared to the prior year.
- An increase of $1.0 million in healthcare income related to
customer transfer and conversion, recorded in service charges on
deposit accounts.
- Increases of $0.5 million in bank-owned life insurance income
and $0.5 million in derivative income, both recorded in other
income.
- These increases were partially offset by the following
decreases:
- A decrease of $4.3 million in other miscellaneous income driven
by a $4.0 million gain on sale of other assets recorded in the
second quarter of 2023.
- $2.8 million in lower investment securities gains, primarily
driven by a $2.6 million reduction in value of one of the company's
non-marketable securities during the second quarter of 2024.
Noninterest expense
Summary of noninterest expense
UMB Financial
Corporation
(unaudited, dollars in thousands)
Q2
Q1
Q2
CQ vs.
CQ vs.
2024
2024
2023
LQ
PY
Salaries and employee benefits
$
142,861
$
143,006
$
143,312
$
(145
)
$
(451
)
Occupancy, net
11,723
12,270
11,746
(547
)
(23
)
Equipment
15,603
16,503
17,086
(900
)
(1,483
)
Supplies and services
3,404
3,301
4,195
103
(791
)
Marketing and business development
6,598
6,025
7,124
573
(526
)
Processing fees
29,701
27,936
26,572
1,765
3,129
Legal and consulting
16,566
7,894
7,059
8,672
9,507
Bankcard
11,818
10,567
8,307
1,251
3,511
Amortization of other intangible
assets
1,911
1,960
2,117
(49
)
(206
)
Regulatory fees
2,568
19,395
6,123
(16,827
)
(3,555
)
Other
6,314
5,947
7,032
367
(718
)
Total noninterest expense
$
249,067
$
254,804
$
240,673
$
(5,737
)
$
8,394
- GAAP noninterest expense for the second quarter of 2024 was
$249.1 million, a decrease of $5.7 million, or 2.3%, from the
linked quarter and an increase of $8.4 million, or 3.5% from the
second 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 $243.2 million
for the second quarter of 2024, an increase of $2.0 million, or
0.8%, from the linked quarter and an increase of $7.4 million, or
3.1%, from the second quarter of 2023.
- The linked-quarter decrease in GAAP noninterest expense was
driven by:
- A decrease of $16.8 million in regulatory fees expense, driven
by the lower industry-wide FDIC special assessment levied on banks
to recoup the losses related to two of the bank failures in March
2023. The results for the second quarter of 2024 include a
reduction of $3.8 million in pre-tax FDIC special assessment
expense while the first quarter included pre-tax expense of $13.0
million, both related to changes made in the loss estimates by the
FDIC.
- This decrease was partially offset by the following increases:
- An increase of $8.7 million in legal and consulting expense
driven by expense related to the announced acquisition of Heartland
Financial USA, Inc.
- An increase of $1.8 million in processing fees expense due to
increased software subscription costs.
- An increase of $1.3 million in bankcard expense driven by
higher administrative expense.
- The year-over-year increase in GAAP noninterest expense was
driven by:
- An increase of $9.5 million in legal and consulting expense,
primarily driven by expense related to the announced acquisition of
Heartland Financial USA, Inc.
- An increase of $3.5 million in bankcard expense driven by
higher administrative expense.
- These increases were partially offset by a decrease of $3.6
million in regulatory fees expense driven by the aforementioned
reduction of $3.8 million in FDIC special assessment expense
recorded in the second quarter of 2024.
Income taxes
- The company’s effective tax rate was 18.9% for the six months
ended June 30, 2024, compared to 17.6% 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 a decrease in excess tax
benefits associated with stock compensation recorded in 2024 as
compared to the prior year.
Balance sheet
- Average total assets for the second quarter of 2024 were $42.5
billion compared to $42.0 billion for the linked quarter and $40.4
billion for the same period in 2023.
Summary of average loans and leases -
QTD Average
UMB Financial
Corporation
(unaudited, dollars in thousands)
Q2
Q1
Q2
CQ vs.
CQ vs.
2024
2024
2023
LQ
PY
Commercial and industrial
$
9,926,855
$
9,942,457
$
9,724,300
$
(15,602
)
$
202,555
Specialty lending
502,646
485,989
574,220
16,657
(71,574
)
Commercial real estate
9,360,991
9,026,511
8,178,463
334,480
1,182,528
Consumer real estate
2,998,560
2,968,320
2,833,739
30,240
164,821
Consumer
159,743
154,062
139,705
5,681
20,038
Credit cards
617,502
489,546
485,749
127,956
131,753
Leases and other
239,532
287,158
255,425
(47,626
)
(15,893
)
Total loans
$
23,805,829
$
23,354,043
$
22,191,601
$
451,786
$
1,614,228
- Average loans for the second quarter of 2024 increased $451.8
million, or 1.9%, on a linked-quarter basis and $1.6 billion, or
7.3%, compared to the second quarter of 2023.
Summary of average securities - QTD
Average
UMB Financial
Corporation
(unaudited, dollars in thousands)
Q2
Q1
Q2
CQ vs.
CQ vs.
2024
2024
2023
LQ
PY
Securities available for sale:
U.S. Treasury
$
900,348
$
1,127,611
$
797,104
$
(227,263
)
$
103,244
U.S. Agencies
210,151
199,719
189,091
10,432
21,060
Mortgage-backed
3,667,289
3,595,619
3,813,234
71,670
(145,945
)
State and political subdivisions
1,213,000
1,254,148
1,319,398
(41,148
)
(106,398
)
Corporates
323,751
341,142
349,318
(17,391
)
(25,567
)
Collateralized loan obligations
336,273
347,063
348,078
(10,790
)
(11,805
)
Total securities available for sale
$
6,650,812
$
6,865,302
$
6,816,223
$
(214,490
)
$
(165,411
)
Securities held to maturity:
U.S. Agencies
$
120,563
$
123,225
$
123,135
$
(2,662
)
$
(2,572
)
Mortgage-backed
2,656,096
2,707,780
2,878,657
(51,684
)
(222,561
)
State and political subdivisions
2,798,371
2,821,799
2,822,218
(23,428
)
(23,847
)
Total securities held to maturity
$
5,575,030
$
5,652,804
$
5,824,010
$
(77,774
)
$
(248,980
)
Trading securities
$
26,381
$
17,893
$
12,538
$
8,488
$
13,843
Other securities
448,015
478,805
407,754
(30,790
)
40,261
Total securities
$
12,700,238
$
13,014,804
$
13,060,525
$
(314,566
)
$
(360,287
)
- Average total securities decreased 2.4% on a linked-quarter
basis and 2.8% compared to the second quarter of 2023.
- At June 30, 2024, the unrealized pre-tax net loss on the
available-for-sale securities portfolio was $678.7 million, or 8.7%
of the $7.8 billion amortized cost balance. At June 30, 2024, the
unrealized pre-tax net loss on the securities designated as held to
maturity was $636.2 million, or 11.5% of the $5.5 billion amortized
cost value.
Summary of average deposits - QTD
Average
UMB Financial
Corporation
(unaudited, dollars in thousands)
Q2
Q1
Q2
CQ vs.
CQ vs.
2024
2024
2023
LQ
PY
Deposits:
Noninterest-bearing demand
$
10,103,035
$
10,066,409
$
10,535,325
$
36,626
$
(432,290
)
Interest-bearing demand and savings
21,914,116
20,701,659
17,463,022
1,212,457
4,451,094
Time deposits
2,323,610
2,758,064
3,476,616
(434,454
)
(1,153,006
)
Total deposits
$
34,340,761
$
33,526,132
$
31,474,963
$
814,629
$
2,865,798
Noninterest bearing deposits as % of
total
29.4
%
30.0
%
33.5
%
- Average deposits increased 2.4% on a linked-quarter basis and
9.1% compared to the second quarter of 2023.
Capital
Capital information
UMB Financial
Corporation
(unaudited, dollars in thousands, except
per share data)
June 30, 2024
March 31, 2024
June 30, 2023
Total equity
$
3,227,347
$
3,152,816
$
2,831,628
Accumulated other comprehensive loss,
net
(605,634
)
(594,538
)
(685,831
)
Book value per common share
66.21
64.68
58.36
Tangible book value per common share
(Non-GAAP)(i)
60.58
59.01
52.54
Regulatory capital:
Common equity Tier 1 capital
$
3,591,755
$
3,503,837
$
3,273,841
Tier 1 capital
3,591,755
3,503,837
3,273,841
Total capital
4,214,712
4,115,097
3,870,101
Regulatory capital ratios:
Common equity Tier 1 capital ratio
11.14
%
11.09
%
10.65
%
Tier 1 risk-based capital ratio
11.14
11.09
10.65
Total risk-based capital ratio
13.08
13.03
12.59
Tier 1 leverage ratio
8.50
8.39
8.16
(i)
See reconciliation of Non-GAAP measures to
their nearest comparable GAAP measures later in this release.
- At June 30, 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)
Q2
Q1
Q4
Q3
Q2
2024
2024
2023
2023
2023
Net charge-offs (recoveries) - total
loans
$
2,856
$
3,017
$
1,352
$
4,618
$
(139
)
Net loan charge-offs (recoveries) as a %
of total average loans
0.05
%
0.05
%
0.02
%
0.08
%
(0.00
)%
Loans over 90 days past due
$
5,644
$
3,076
$
3,111
$
3,044
$
10,675
Loans over 90 days past due as a % of
total loans
0.02
%
0.01
%
0.01
%
0.01
%
0.05
%
Nonaccrual and restructured loans
$
13,743
$
17,756
$
13,212
$
17,042
$
19,347
Nonaccrual and restructured loans as a %
of total loans
0.06
%
0.08
%
0.06
%
0.07
%
0.09
%
Provision for credit losses
$
14,050
$
10,000
$
—
$
4,977
$
13,000
- Provision for credit losses for the second quarter increased
$4.1 million from the linked quarter and $1.1 million from the
second quarter of 2023. These changes are driven largely by ongoing
re-calibrations of econometric loss models and underlying
macro-economic drivers for certain loan portfolios and $0.6 billion
increase in end-of-period loans from March 31, 2024, as well as
general portfolio trends in the current period as compared to the
prior periods.
- Net charge-offs for the second quarter totaled $2.9 million, or
0.05% of average loans, compared to $3.0 million, or 0.05% of
average loans in the linked quarter, and net recoveries of $0.1
million for the second quarter of 2023.
Dividend Declaration
At the company’s quarterly board meeting, the Board of Directors
declared a $0.39 per share quarterly cash dividend, payable on
October 1, 2024, to shareholders of record at the close of business
on September 10, 2024.
Conference Call
The company will host a conference call to discuss its second
quarter 2024 earnings results on Wednesday, July 31, 2024, 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 944750. The live call may
also be accessed by visiting investorrelations.umb.com or by using
the following link:
UMB Financial 2Q 2024 Conference Call
A replay of the conference call may be heard through August 14,
2024, by calling (toll-free) 866-813-9403 or (international)
929-458-6194. The replay access code required for playback is
435652. 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)
June 30,
2024
2023
ASSETS
Loans
$
24,197,462
$
22,483,542
Allowance for credit losses on loans
(239,167
)
(222,161
)
Net loans
23,958,295
22,261,381
Loans held for sale
4,211
3,819
Securities:
Available for sale
7,107,373
6,668,615
Held to maturity, net of allowance for
credit losses
5,546,634
5,807,763
Trading securities
28,981
28,887
Other securities
447,650
428,149
Total securities
13,130,638
12,933,414
Federal funds sold and resell
agreements
247,462
319,838
Interest-bearing due from banks
4,640,418
3,369,911
Cash and due from banks
464,719
431,527
Premises and equipment, net
226,860
255,127
Accrued income
237,874
190,387
Goodwill
207,385
207,385
Other intangibles, net
67,141
75,184
Other assets
1,284,411
1,195,069
Total assets
$
44,469,414
$
41,243,042
LIABILITIES
Deposits:
Noninterest-bearing demand
$
12,034,606
$
12,142,906
Interest-bearing demand and savings
22,400,255
18,184,063
Time deposits under $250,000
1,421,513
2,665,166
Time deposits of $250,000 or more
661,196
528,326
Total deposits
36,517,570
33,520,461
Federal funds purchased and repurchase
agreements
2,217,033
2,050,583
Short-term debt
1,300,000
1,800,000
Long-term debt
384,245
382,280
Accrued expenses and taxes
352,778
256,845
Other liabilities
470,441
401,245
Total liabilities
41,242,067
38,411,414
SHAREHOLDERS' EQUITY
Common stock
55,057
55,057
Capital surplus
1,132,301
1,124,977
Retained earnings
2,984,152
2,681,448
Accumulated other comprehensive loss,
net
(605,634
)
(685,831
)
Treasury stock
(338,529
)
(344,023
)
Total shareholders' equity
3,227,347
2,831,628
Total liabilities and shareholders'
equity
$
44,469,414
$
41,243,042
Consolidated Statements of
Income
UMB Financial
Corporation
(unaudited, dollars in thousands except
share and per share data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
INTEREST INCOME
Loans
$
400,351
$
342,994
$
785,917
$
651,435
Securities:
Taxable interest
61,582
54,587
122,693
107,636
Tax-exempt interest
25,077
25,550
50,410
50,856
Total securities income
86,659
80,137
173,103
158,492
Federal funds and resell agreements
3,674
3,889
6,736
9,540
Interest-bearing due from banks
47,174
34,206
91,862
50,372
Trading securities
424
154
729
288
Total interest income
538,282
461,380
1,058,347
870,127
INTEREST EXPENSE
Deposits
240,525
170,550
464,400
298,449
Federal funds and repurchase
agreements
28,081
24,745
55,743
48,047
Other
24,568
40,474
53,662
56,324
Total interest expense
293,174
235,769
573,805
402,820
Net interest income
245,108
225,611
484,542
467,307
Provision for credit losses
14,050
13,000
24,050
36,250
Net interest income after provision for
credit losses
231,058
212,611
460,492
431,057
NONINTEREST INCOME
Trust and securities processing
70,010
61,589
139,488
123,948
Trading and investment banking
5,461
4,800
10,923
10,108
Service charges on deposit accounts
22,261
21,381
43,018
42,540
Insurance fees and commissions
267
225
550
499
Brokerage fees
14,020
13,604
27,180
27,280
Bankcard fees
22,346
18,579
44,314
36,751
Investment securities (losses) gains,
net
(1,867
)
900
7,504
(4,424
)
Other
12,421
17,004
31,186
31,580
Total noninterest income
144,919
138,082
304,163
268,282
NONINTEREST EXPENSE
Salaries and employee benefits
142,861
143,312
285,867
285,810
Occupancy, net
11,723
11,746
23,993
23,923
Equipment
15,603
17,086
32,106
34,935
Supplies and services
3,404
4,195
6,705
8,070
Marketing and business development
6,598
7,124
12,623
12,459
Processing fees
29,701
26,572
57,637
49,812
Legal and consulting
16,566
7,059
24,460
14,344
Bankcard
11,818
8,307
22,385
15,440
Amortization of other intangible
assets
1,911
2,117
3,871
4,415
Regulatory fees
2,568
6,123
21,963
11,674
Other
6,314
7,032
12,261
16,843
Total noninterest expense
249,067
240,673
503,871
477,725
Income before income taxes
126,910
110,020
260,784
221,614
Income tax expense
25,565
19,910
49,181
39,067
NET INCOME
$
101,345
$
90,110
$
211,603
$
182,547
PER SHARE DATA
Net income – basic
$
2.08
$
1.86
$
4.34
$
3.77
Net income – diluted
2.07
1.85
4.32
3.75
Dividends
0.39
0.38
0.78
0.76
Weighted average shares outstanding –
basic
48,744,636
48,514,277
48,704,075
48,474,865
Weighted average shares outstanding –
diluted
48,974,265
48,668,413
48,952,054
48,707,487
Consolidated Statements of
Comprehensive Income
UMB Financial
Corporation
(unaudited, dollars in thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Net income
$
101,345
$
90,110
$
211,603
$
182,547
Other comprehensive (loss) income, before
tax:
Unrealized gains and losses on debt
securities:
Change in unrealized holding gains and
losses, net
(12,727
)
(87,505
)
(54,280
)
6,152
Less: Reclassification adjustment for net
(gains) losses included in net income
—
—
(139
)
433
Amortization of net unrealized loss on
securities transferred from available-for-sale to
held-to-maturity
8,938
10,312
17,727
20,295
Change in unrealized gains and losses on
debt securities
(3,789
)
(77,193
)
(36,692
)
26,880
Unrealized gains and losses on derivative
hedges:
Change in unrealized gains and losses on
derivative hedges, net
(8,775
)
1,848
(22,433
)
321
Less: Reclassification adjustment for net
gains included in net income
(2,066
)
(2,660
)
(5,726
)
(5,221
)
Change in unrealized gains and losses on
derivative hedges
(10,841
)
(812
)
(28,159
)
(4,900
)
Other comprehensive (loss) income, before
tax
(14,630
)
(78,005
)
(64,851
)
21,980
Income tax benefit (expense)
3,534
18,950
16,152
(5,076
)
Other comprehensive (loss) income
(11,096
)
(59,055
)
(48,699
)
16,904
Comprehensive income
$
90,249
$
31,055
$
162,904
$
199,451
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
—
—
182,547
16,904
—
199,451
Dividends ($0.76 per share)
—
—
(37,185
)
—
—
(37,185
)
Purchase of treasury stock
—
—
—
—
(7,902
)
(7,902
)
Issuances of equity awards, net of
forfeitures
—
(9,764
)
—
—
10,483
719
Recognition of equity-based
compensation
—
8,455
—
—
—
8,455
Sale of treasury stock
—
115
—
—
140
255
Exercise of stock options
—
222
—
—
520
742
Balance - June 30, 2023
$
55,057
$
1,124,977
$
2,681,448
$
(685,831
)
$
(344,023
)
$
2,831,628
Balance - January 1, 2024
$
55,057
$
1,134,363
$
2,810,824
$
(556,935
)
$
(342,890
)
$
3,100,419
Total comprehensive income (loss)
—
—
211,603
(48,699
)
—
162,904
Dividends ($0.78 per share)
—
—
(38,275
)
—
—
(38,275
)
Purchase of treasury stock
—
—
—
—
(7,537
)
(7,537
)
Issuances of equity awards, net of
forfeitures
—
(10,964
)
—
—
11,667
703
Recognition of equity-based
compensation
—
10,040
—
—
—
10,040
Sale of treasury stock
—
125
—
—
107
232
Exercise of stock options
—
54
—
—
124
178
Common stock issuance costs
—
(1,317
)
—
—
—
(1,317
)
Balance - June 30, 2024
$
55,057
$
1,132,301
$
2,984,152
$
(605,634
)
$
(338,529
)
$
3,227,347
Average Balances / Yields and
Rates
UMB Financial
Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Three Months Ended June
30,
2024
2023
Average
Average
Average
Average
Balance
Yield/Rate
Balance
Yield/Rate
Assets
Loans, net of unearned interest
$
23,805,829
6.77
%
$
22,191,601
6.20
%
Securities:
Taxable
9,033,829
2.74
9,228,103
2.37
Tax-exempt
3,640,028
3.47
3,819,884
3.36
Total securities
12,673,857
2.95
13,047,987
2.66
Federal funds and resell agreements
246,132
6.00
276,459
5.64
Interest bearing due from banks
3,486,907
5.44
2,707,740
5.07
Trading securities
26,381
6.95
12,538
5.37
Total earning assets
40,239,106
5.44
38,236,325
4.91
Allowance for credit losses
(228,369
)
(216,876
)
Other assets
2,465,492
2,345,714
Total assets
$
42,476,229
$
40,365,163
Liabilities and Shareholders'
Equity
Interest-bearing deposits
$
24,237,726
3.99
%
$
20,939,638
3.27
%
Federal funds and repurchase
agreements
2,421,727
4.66
2,336,929
4.25
Borrowed funds
1,744,448
5.66
3,137,267
5.17
Total interest-bearing liabilities
28,403,901
4.15
26,413,834
3.58
Noninterest-bearing demand deposits
10,103,035
10,535,325
Other liabilities
767,687
539,172
Shareholders' equity
3,201,606
2,876,832
Total liabilities and shareholders'
equity
$
42,476,229
$
40,365,163
Net interest spread
1.29
%
1.33
%
Net interest margin
2.51
2.44
Average Balances / Yields and
Rates
UMB Financial
Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Six Months Ended June
30,
2024
2023
Average
Average
Average
Average
Balance
Yield/Rate
Balance
Yield/Rate
Assets
Loans, net of unearned interest
$
23,579,936
6.70
%
$
21,734,142
6.05
%
Securities:
Taxable
9,149,309
2.70
9,288,392
2.34
Tax-exempt
3,686,075
3.44
3,832,505
3.36
Total securities
12,835,384
2.91
13,120,897
2.64
Federal funds and resell agreements
226,288
5.99
363,341
5.29
Interest bearing due from banks
3,395,466
5.44
2,127,343
4.77
Trading securities
22,137
7.10
10,907
5.77
Total earning assets
40,059,211
5.38
37,356,630
4.77
Allowance for credit losses
(225,243
)
(206,559
)
Other assets
2,411,681
2,292,479
Total assets
$
42,245,649
$
39,442,550
Liabilities and Shareholders'
Equity
Interest-bearing deposits
$
23,848,724
3.92
%
$
20,294,984
2.97
%
Federal funds and repurchase
agreements
2,403,240
4.66
2,399,090
4.04
Borrowed funds
1,963,971
5.49
2,174,157
5.22
Total interest-bearing liabilities
28,215,935
4.09
24,868,231
3.27
Noninterest-bearing demand deposits
10,084,722
11,223,478
Other liabilities
772,430
549,787
Shareholders' equity
3,172,562
2,801,054
Total liabilities and shareholders'
equity
$
42,245,649
$
39,442,550
Net interest spread
1.29
%
1.50
%
Net interest margin
2.50
2.59
Business Segment Information
UMB Financial
Corporation
(unaudited, dollars in thousands)
Three Months Ended June 30,
2024
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
160,487
$
51,502
$
33,119
$
245,108
Provision for credit losses
11,480
846
1,724
14,050
Noninterest income
27,720
95,092
22,107
144,919
Noninterest expense
85,780
95,531
67,756
249,067
Income (loss) before taxes
90,947
50,217
(14,254
)
126,910
Income tax expense (benefit)
17,858
9,297
(1,590
)
25,565
Net income (loss)
$
73,089
$
40,920
$
(12,664
)
$
101,345
Three Months Ended June 30,
2023
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
144,389
$
50,397
30,825
$
225,611
Provision for credit losses
11,055
234
1,711
13,000
Noninterest income
25,666
86,813
25,603
138,082
Noninterest expense
85,896
91,591
63,186
240,673
Income (loss) before taxes
73,104
45,385
(8,469
)
110,020
Income tax expense (benefit)
12,996
8,011
(1,097
)
19,910
Net income (loss)
$
60,108
$
37,374
$
(7,372
)
$
90,110
Six Months Ended June 30,
2024
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
317,734
$
101,362
$
65,446
$
484,542
Provision for credit losses
19,000
1,325
3,725
24,050
Noninterest income
70,686
187,808
45,669
304,163
Noninterest expense
178,199
195,907
129,765
503,871
Income (loss) before taxes
191,221
91,938
(22,375
)
260,784
Income tax expense (benefit)
35,153
16,828
(2,800
)
49,181
Net income (loss)
$
156,068
$
75,110
$
(19,575
)
$
211,603
Six Months Ended June 30,
2023
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
295,416
$
105,482
$
66,409
$
467,307
Provision for credit losses
32,099
331
3,820
36,250
Noninterest income
48,568
171,051
48,663
268,282
Noninterest expense
169,900
180,962
126,863
477,725
Income (loss) before taxes
141,985
95,240
(15,611
)
221,614
Income tax expense (benefit)
24,638
16,523
(2,094
)
39,067
Net income (loss)
$
117,347
$
78,717
$
(13,517
)
$
182,547
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 June 30, 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 June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net income (GAAP)
$
101,345
$
90,110
$
211,603
$
182,547
Adjustments:
Acquisition expense
9,550
18
9,981
57
Severance expense
130
4,891
276
5,377
FDIC special assessment
(3,800
)
—
9,200
—
Tax-impact of adjustments (i)
(1,352
)
(1,178
)
(4,475
)
(1,304
)
Total Non-GAAP adjustments (net of
tax)
4,528
3,731
14,982
4,130
Net operating income (Non-GAAP)
$
105,873
$
93,841
$
226,585
$
186,677
Earnings per share - diluted (GAAP)
$
2.07
$
1.85
$
4.32
$
3.75
Acquisition expense
0.19
—
0.20
—
Severance expense
0.01
0.10
0.01
0.11
FDIC special assessment
(0.08
)
—
0.19
—
Tax-impact of adjustments (i)
(0.03
)
(0.02
)
(0.09
)
(0.03
)
Operating earnings per share - diluted
(Non-GAAP)
$
2.16
$
1.93
$
4.63
$
3.83
GAAP
Return on average assets
0.96
%
0.90
%
1.01
%
0.93
%
Return on average equity
12.73
12.56
13.41
13.14
Non-GAAP
Operating return on average assets
1.00
%
0.93
%
1.08
%
0.95
%
Operating return on average equity
13.30
13.08
14.36
13.44
(i)
Calculated using the company’s marginal
tax rate of 23.0% for 2024 and 24.0% for 2023.
Operating noninterest expense and
operating efficiency ratio Non-GAAP reconciliations:
UMB Financial
Corporation
(unaudited, dollars in thousands)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Noninterest expense
$
249,067
$
240,673
$
503,871
$
477,725
Adjustments to arrive at operating
noninterest expense (pre-tax):
Acquisition expense
9,550
18
9,981
57
Severance expense
130
4,891
276
5,377
FDIC special assessment
(3,800
)
—
9,200
—
Total Non-GAAP adjustments (pre-tax)
5,880
4,909
19,457
5,434
Operating noninterest expense
(Non-GAAP)
$
243,187
$
235,764
$
484,414
$
472,291
Noninterest expense
$
249,067
$
240,673
$
503,871
$
477,725
Less: Amortization of other
intangibles
1,911
2,117
3,871
4,415
Noninterest expense, net of amortization
of other intangibles (Non-GAAP) (numerator A)
$
247,156
$
238,556
$
500,000
$
473,310
Operating noninterest expense
$
243,187
$
235,764
$
484,414
$
472,291
Less: Amortization of other
intangibles
1,911
2,117
3,871
4,415
Operating expense, net of amortization of
other intangibles (Non-GAAP) (numerator B)
$
241,276
$
233,647
$
480,543
$
467,876
Net interest income
$
245,108
$
225,611
$
484,542
$
467,307
Noninterest income
144,919
138,082
304,163
268,282
Less: Gains (losses) on sales of
securities available for sale, net
—
—
139
(2
)
Total Non-GAAP Revenue (denominator A)
$
390,027
$
363,693
$
788,566
$
735,591
Efficiency ratio (numerator A/denominator
A)
63.37
%
65.59
%
63.41
%
64.34
%
Operating efficiency ratio (Non-GAAP)
(numerator B/denominator A)
61.86
64.24
60.94
63.61
Operating pre-tax, pre-provision income
non-GAAP reconciliations:
UMB Financial
Corporation
(unaudited, dollars in thousands except
per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net interest income (GAAP)
$
245,108
$
225,611
$
484,542
$
467,307
Noninterest income (GAAP)
144,919
138,082
304,163
268,282
Noninterest expense (GAAP)
249,067
240,673
503,871
477,725
Adjustments to arrive at operating
noninterest expense:
Acquisition expense
9,550
18
9,981
57
Severance expense
130
4,891
276
5,377
FDIC special assessment
(3,800
)
—
9,200
—
Total Non-GAAP adjustments
5,880
4,909
19,457
5,434
Operating noninterest expense
(Non-GAAP)
243,187
235,764
484,414
472,291
Operating pre-tax, pre-provision income
(Non-GAAP)
$
146,840
$
127,929
$
304,291
$
263,298
Net interest income earnings per share -
diluted (GAAP)
$
5.00
$
4.64
$
9.90
$
9.60
Noninterest income (GAAP)
2.96
2.84
6.21
5.51
Noninterest expense (GAAP)
5.08
4.95
10.29
9.81
Acquisition expense
0.19
—
0.20
—
Severance expense
0.01
0.10
0.01
0.11
FDIC special assessment
(0.08
)
—
0.19
—
Operating pre-tax, pre-provision earnings
per share - diluted (Non-GAAP)
$
3.00
$
2.63
$
6.22
$
5.41
Operating pre-tax, pre-provision income
- FTE Non-GAAP reconciliations:
UMB Financial
Corporation
(unaudited, dollars in thousands except
per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net interest income (GAAP)
$
245,108
$
225,611
$
484,542
$
467,307
Adjustments to arrive at net interest
income - FTE:
Tax equivalent interest
6,407
6,575
12,923
13,130
Net interest income - FTE (Non-GAAP)
251,515
232,186
497,465
480,437
Noninterest income (GAAP)
144,919
138,082
304,163
268,282
Noninterest expense (GAAP)
249,067
240,673
503,871
477,725
Adjustments to arrive at operating
noninterest expense:
Acquisition expense
9,550
18
9,981
57
Severance expense
130
4,891
276
5,377
FDIC special assessment
(3,800
)
—
9,200
—
Total Non-GAAP adjustments
5,880
4,909
19,457
5,434
Operating noninterest expense
(Non-GAAP)
243,187
235,764
484,414
472,291
Operating pre-tax, pre-provision income -
FTE (Non-GAAP)
$
153,247
$
134,504
$
317,214
$
276,428
Net interest income earnings per share -
diluted (GAAP)
$
5.00
$
4.64
$
9.90
$
9.60
Tax equivalent interest
0.13
0.14
0.26
0.27
Net interest income - FTE (Non-GAAP)
5.13
4.78
10.16
9.87
Noninterest income (GAAP)
2.96
2.84
6.21
5.51
Noninterest expense (GAAP)
5.08
4.95
10.29
9.81
Acquisition expense
0.19
—
0.20
—
Severance expense
0.01
0.10
0.01
0.11
FDIC special assessment
(0.08
)
—
0.19
—
Operating pre-tax, pre-provision income -
FTE earnings per share - diluted (Non-GAAP)
$
3.13
$
2.77
$
6.48
$
5.68
Tangible book value non-GAAP
reconciliations:
UMB Financial
Corporation
(unaudited, dollars in thousands except
share and per share data)
As of June 30,
2024
2023
Total shareholders' equity (GAAP)
$
3,227,347
$
2,831,628
Less: Intangible assets
Goodwill
207,385
207,385
Other intangibles, net
67,141
75,184
Total intangibles, net
274,526
282,569
Total tangible shareholders' equity
(Non-GAAP)
$
2,952,821
$
2,549,059
Total shares outstanding
48,745,090
48,517,750
Ratio of total shareholders' equity (book
value) per share
$
66.21
$
58.36
Ratio of total tangible shareholders'
equity (tangible book value) per share (Non-GAAP)
60.58
52.54
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version on businesswire.com: https://www.businesswire.com/news/home/20240725071653/en/
Media Contact: Stephanie Hague: 816.729.1027 Investor Relations
Contact: Kay Gregory: 816.860.7106
UMB Financial (NASDAQ:UMBF)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
UMB Financial (NASDAQ:UMBF)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024
