Third Quarter 2023 Financial Highlights
- GAAP net income of $96.6 million, or $1.98 per diluted
share.
- Net operating income(i) of $98.4 million, or $2.02 per diluted
share.
- Average loans increased 10.1% on a linked-quarter, annualized
basis, to $22.8 billion, or an 18.0% increase as compared to the
third quarter of 2022.
- Deposit balances at September 30, 2023 totaled $33.4 billion,
up from $31.8 billion at September 30, 2022, and consistent with
June 30, 2023 balances.
- Average deposit balances of $31.3 billion, increased 5.1% as
compared to the third quarter of 2022.
- Net interest margin of 2.43%, consistent with the linked
quarter.
- Credit quality remained strong, with net charge-offs of just
0.08% of total loans and non-performing loans representing 0.07% of
total loans, compared to 0.09% as of June 30, 2023.
UMB Financial Corporation (Nasdaq: UMBF), a financial services
company, announced net income for the third quarter of 2023 of
$96.6 million, or $1.98 per diluted share, compared to $90.1
million, or $1.85 per diluted share, in the second quarter of 2023
(linked quarter) and $88.0 million, or $1.81 per diluted share, in
the third quarter of 2022.
Net operating income, a non-GAAP financial measure reconciled
later in this release to net income, the nearest comparable GAAP
measure, was $98.4 million, or $2.02 per diluted share, for the
third quarter of 2023, compared to $93.8 million, or $1.93 per
diluted share, for the linked quarter and $88.3 million, or $1.82
per diluted share, for the third quarter of 2022. Operating
pre-tax, pre-provision income (operating PTPP), a non-GAAP measure
reconciled later in this release to the components of net income
before taxes, the nearest comparable GAAP measure, was $126.6
million, or $2.60 per diluted share, for the third quarter of 2023,
compared to $127.9 million, or $2.63 per diluted share, for the
linked quarter, and $131.2 million, or $2.70 per diluted share, for
the third quarter of 2022. These operating PTPP results represent
decreases of 1.0% on a linked-quarter basis and 3.5%, compared to
the third quarter of 2022.
“Our third quarter results demonstrated strong loan growth,
stable deposits, continued momentum in many of our fee generating
businesses, and solid asset quality,” said Mariner Kemper,
chairman, president and chief executive officer. “Average loan
balances increased more than 10% on a linked-quarter, annualized
basis, driven primarily by construction draws and commercial &
industrial loan growth. While net interest income for the industry
continues to be impacted by higher interest costs paid to deposit
clients, our net interest margin in the third quarter was
essentially flat on a linked-quarter basis. Our loan portfolio,
predominantly indexed to short-term interest rates, continues to
reprice in the current interest rate environment as evidenced by
the 21 basis points increase in loan yields as compared to the
second quarter. Client sentiment remains cautiously optimistic
amidst an uncertain geopolitical and interest rate environment. At
UMB, our overall portfolio health remains solid as evidenced by a
low loan loss ratio of just 0.08% of average loans and
nonperforming loans comprising just 0.07% of total loans.”
(i) A non-GAAP financial measure reconciled later in this
release to net income, the nearest comparable GAAP measure.
Third Quarter 2023 earnings discussion
Summary of quarterly financial
results
UMB Financial
Corporation
(unaudited, dollars in thousands, except
per share data)
Q3
Q2
Q3
2023
2023
2022
Net income (GAAP)
$
96,554
$
90,110
$
87,990
Earnings per share (diluted)
1.98
1.85
1.81
Operating pre-tax, pre-provision income
(Non-GAAP)(i)
126,592
127,929
131,166
Operating pre-tax, pre-provision earnings
per share (diluted)
2.60
2.63
2.70
Operating pre-tax, pre-provision income -
FTE (Non-GAAP)(i)
133,151
134,504
137,620
Operating pre-tax, pre-provision earnings
per share - FTE (diluted)
2.73
2.77
2.83
Net operating income (Non-GAAP)(i)
98,400
93,841
88,259
Operating earnings per share (diluted)
2.02
1.93
1.82
GAAP
Return on average assets
0.97
%
0.90
%
0.96
%
Return on average equity
13.25
12.56
12.90
Efficiency ratio
64.51
65.59
63.58
Non-GAAP (i)
Operating return on average assets
0.99
%
0.93
%
0.96
%
Operating return on average equity
13.50
13.08
12.94
Operating return on average tangible
equity excluding AOCI
11.77
11.63
11.34
Operating efficiency ratio
63.83
64.24
63.49
(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)
September
September
YTD
YTD
2023
2022
Net income (GAAP)
$
279,101
$
331,509
Earnings per share (diluted)
5.73
6.80
Operating pre-tax, pre-provision income
(Non-GAAP)(i)
389,890
437,617
Operating pre-tax, pre-provision earnings
per share (diluted)
8.00
8.98
Operating pre-tax, pre-provision income -
FTE (Non-GAAP)(i)
409,579
456,748
Operating pre-tax, pre-provision earnings
per share - FTE (diluted)
8.40
9.37
Net operating income (Non-GAAP)(i)
285,077
331,928
Operating earnings per share (diluted)
5.85
6.81
GAAP
Return on average assets
0.95
%
1.18
%
Return on average equity
13.18
16.05
Efficiency ratio
64.40
59.86
Non-GAAP (i)
Operating return on average assets
0.97
%
1.18
%
Operating return on average equity
13.46
16.07
Operating return on average tangible
equity excluding AOCI
11.86
14.93
Operating efficiency ratio
63.68
59.81
(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)
Q3
Q2
Q3
CQ vs.
CQ vs.
2023
2023
2022
LQ
PY
Net interest income
$
222,287
$
225,611
$
233,485
$
(3,324
)
$
(11,198
)
Noninterest income:
Trust and securities processing
66,668
61,589
59,586
5,079
7,082
Trading and investment banking
3,771
4,800
5,387
(1,029
)
(1,616
)
Service charges on deposit accounts
21,080
21,381
19,932
(301
)
1,148
Insurance fees and commissions
272
225
375
47
(103
)
Brokerage fees
13,400
13,604
13,840
(204
)
(440
)
Bankcard fees
19,296
18,579
19,379
717
(83
)
Investment securities gains (losses),
net
271
900
(1,345
)
(629
)
1,616
Other
8,559
17,004
11,569
(8,445
)
(3,010
)
Total noninterest income
$
133,317
$
138,082
$
128,723
$
(4,765
)
$
4,594
Total revenue
$
355,604
$
363,693
$
362,208
$
(8,089
)
$
(6,604
)
Net interest income (FTE)
$
228,846
$
232,186
$
239,939
Net interest margin (FTE)
2.43
%
2.44
%
2.76
%
Total noninterest income as a % of total
revenue
37.5
38.0
35.5
Net interest income
- Third quarter 2023 net interest income totaled $222.3 million,
a decrease of $3.3 million, or 1.5%, from the linked quarter,
driven by higher interest expense due primarily to unfavorable mix
shift in the composition of liabilities, combined with the impact
of higher short-term interest rates. This decrease was partially
offset by continued growth in average loans, coupled with increased
loan yields.
- Average earning assets decreased $866.4 million, or 2.3%, from
the linked quarter, largely driven by decreases of $1.2 billion in
interest-bearing due from banks and $299.6 million in average
securities, partially offset by an increase of $559.9 million in
average loans.
- Average interest-bearing liabilities decreased $464.8 million,
or 1.8%, from the linked quarter, primarily driven by decreases of
$531.4 million in borrowed funds, mostly short-term borrowings, and
$309.5 million in federal funds and repurchase agreements. These
decreases were partially offset by an increase of $376.1 million in
interest-bearing deposits. Average noninterest-bearing deposits
decreased $520.6 million, or 4.9%, as compared to the linked
quarter.
- Net interest margin for the third quarter was 2.43%, a decrease
of one basis point from the linked quarter, driven by increased
cost and mix of interest-bearing liabilities, partially offset by
improved loan yields, the benefit of free funds, and earning asset
mix changes. The cost of interest-bearing liabilities increased 24
basis points to 3.82%. Total cost of funds increased 19 basis
points from the linked quarter to 2.75%. Average loan yields
increased 21 basis points while earning asset yields increased 17
basis points from the linked quarter.
- On a year-over-year basis, net interest income decreased $11.2
million, or 4.8%, driven by higher interest expense primarily due
to unfavorable mix shift in the composition of liabilities, as well
as the impact of higher short-term interest rates. This decrease
was partially offset by a $3.5 billion, or 18.0%, increase in
average loans.
- Compared to the third quarter of 2022, average earning assets
increased $2.9 billion, or 8.5%, largely driven by the increase in
average loans noted above, partially offset by a decrease of $933.2
million in average securities.
- Average deposits increased 5.1% compared to the third quarter
of 2022. Average noninterest-bearing demand deposit balances
decreased 19.2% compared to the third quarter of 2022, driven by
migration to rate-bearing deposit categories, as expected in a
higher interest rate environment. Average demand deposit balances
comprised 32.0% of total deposits, compared to 33.5% in the linked
quarter and 41.6% in the third quarter of 2022.
- Average borrowed funds decreased $531.4 million as compared to
the linked quarter and increased $2.3 billion as compared to the
third quarter of 2022, driven by short-term borrowings with the
Federal Home Loan Bank and the Federal Reserve Discount
Window.
Noninterest income
- Third quarter 2023 noninterest income decreased $4.8 million,
or 3.5%, on a linked-quarter basis, largely due to:
- A decrease of $8.4 million in other income, primarily related
to a $4.0 million gain on sale of other assets recorded in the
second quarter, coupled with decreases of $3.5 million in
company-owned life insurance income and $0.9 million in derivative
income. The decrease in company-owned life insurance was offset by
a proportionate decrease in deferred compensation expense as noted
below.
- A decrease of $1.0 million in trading and investment banking
due to decreased trading volume.
- These decreases were partially offset by increases of $3.2
million in fund services income, $1.3 million in corporate trust
income, and $0.6 million in trust servicing income, all recorded in
trust and securities processing.
- Compared to the prior year, noninterest income in the third
quarter of 2023 increased $4.6 million, or 3.6%, primarily driven
by:
- Increases of $4.1 million in fund services income, $2.4 million
in corporate trust income, and $0.6 million in trust servicing
income, all recorded in trust and securities processing.
- An increase of $1.6 million in investment securities gains,
primarily driven by increased valuations in the company's
marketable securities.
- An increase of $0.5 million in bank-owned life insurance
income, recorded in other income.
- These increases were partially offset by decreases of $2.7
million in company-owned life insurance income and $1.3 million in
derivative income, both recorded in other income. The decrease in
company-owned life insurance was offset by a proportionate decrease
in deferred compensation expense as noted below.
Noninterest expense
Summary of noninterest expense
UMB Financial
Corporation
(unaudited, dollars in thousands)
Q3
Q2
Q3
CQ vs.
CQ vs.
2023
2023
2022
LQ
PY
Salaries and employee benefits
$
133,380
$
143,312
$
136,467
$
(9,932
)
$
(3,087
)
Occupancy, net
12,283
11,746
12,231
537
52
Equipment
17,204
17,086
18,811
118
(1,607
)
Supplies and services
3,213
4,195
3,139
(982
)
74
Marketing and business development
6,631
7,124
6,671
(493
)
(40
)
Processing fees
26,016
26,572
20,901
(556
)
5,115
Legal and consulting
7,230
7,059
10,255
171
(3,025
)
Bankcard
8,852
8,307
6,551
545
2,301
Amortization of other intangible
assets
2,124
2,117
1,092
7
1,032
Regulatory fees
6,153
6,123
4,200
30
1,953
Other
8,355
7,032
11,078
1,323
(2,723
)
Total noninterest expense
$
231,441
$
240,673
$
231,396
$
(9,232
)
$
45
- Noninterest expense for the third quarter of 2023 was $231.4
million, a decrease of $9.2 million, or 3.8%, from the linked
quarter and an increase of $0.1 million from the third quarter of
2022. Operating noninterest expense, a non-GAAP financial measure
reconciled later in this release to noninterest expense, the
nearest comparable GAAP measure, was $229.0 million for the third
quarter of 2023, a decrease of $6.8 million, or 2.9%, from the
linked quarter and a decrease of $2.0 million, or 0.9%, from the
third quarter of 2022.
- The linked-quarter decrease in GAAP noninterest expense was
driven by:
- A decrease of $9.9 million in salaries and employee benefits
expense driven by decreases of $5.3 million in employee benefits
expense and $4.6 million in salaries and bonus expense. The
decrease in employee benefits was driven by a decrease in deferred
compensation expense of $2.8 million and a decrease of $1.3 million
in other employee benefits. The decrease in salaries and bonus
expense was due to a decrease of $2.5 million in severance expense
and a decrease of $1.6 million in salary and wage expense. The
decrease in deferred compensation expense was offset by the
decrease in company-owned life insurance income noted above.
- These decreases were partially offset by an increase of $1.3
million in operational losses as compared to the linked
quarter.
- The year-over-year increase in GAAP noninterest expense was
driven by:
- An increase of $5.1 million in processing fees expense due to
the ongoing modernization of the company’s core systems and the
timing of multiple software projects.
- This increase was partially offset by the following decreases:
- A decrease of $3.1 million in salaries and employee benefits
expense, driven primarily by decreases of $1.6 million in salaries
and bonus expense and $1.5 million in employee benefits expense.
The decrease in salaries and wage expense is primarily due to a
decrease in bonus and commission expense. The decrease in employee
benefits expense is due to a decrease of $1.9 million in deferred
compensation plan expense. The decrease in deferred compensation
expense was offset by the decrease in company-owned life insurance
income noted above.
- A decrease of $3.0 million in legal and consulting expense due
to the timing of multiple projects.
Income taxes
- The company’s effective tax rate was 18.1% for the nine months
ended September 30, 2023, compared to 18.8% for the same period in
2022. The decrease in the effective tax rate in 2023 is primarily
attributable to a larger portion of income being earned from
tax-exempt municipal securities.
Balance sheet
- Average total assets for the third quarter of 2023 were $39.5
billion compared to $40.4 billion for the linked quarter and $36.3
billion for the same period in 2022.
Summary of average loans and leases -
QTD Average
UMB Financial
Corporation
(unaudited, dollars in thousands)
Q3
Q2
Q3
CQ vs.
CQ vs.
2023
2023
2022
LQ
PY
Commercial and industrial
$
9,852,335
$
9,724,300
$
8,417,174
$
128,035
$
1,435,161
Specialty lending
526,711
574,220
559,797
(47,509
)
(33,086
)
Commercial real estate
8,545,206
8,178,463
6,892,484
366,743
1,652,722
Consumer real estate
2,922,753
2,833,739
2,574,926
89,014
347,827
Consumer
139,384
139,705
142,348
(321
)
(2,964
)
Credit cards
477,904
485,749
438,235
(7,845
)
39,669
Leases and other
287,174
255,425
259,298
31,749
27,876
Total loans
$
22,751,467
$
22,191,601
$
19,284,262
$
559,866
$
3,467,205
- Average loans for the third quarter of 2023 increased $559.9
million, or 2.5%, on a linked-quarter basis and $3.5 billion, or
18.0%, compared to the third quarter of 2022.
Summary of average securities - QTD
Average
UMB Financial
Corporation
(unaudited, dollars in thousands)
Q3
Q2
Q3
CQ vs.
CQ vs.
2023
2023
2022
LQ
PY
Securities available for sale:
U.S. Treasury
$
786,136
$
797,104
$
746,429
$
(10,968
)
$
39,707
U.S. Agencies
172,832
189,091
173,980
(16,259
)
(1,148
)
Mortgage-backed
3,611,305
3,813,234
4,363,838
(201,929
)
(752,533
)
State and political subdivisions
1,275,591
1,319,398
1,600,043
(43,807
)
(324,452
)
Corporates
345,026
349,318
381,151
(4,292
)
(36,125
)
Collateralized loan obligations
346,426
348,078
300,475
(1,652
)
45,951
Total securities available for sale
$
6,537,316
$
6,816,223
$
7,565,916
$
(278,907
)
$
(1,028,600
)
Securities held to maturity:
U.S. Agencies
$
123,165
$
123,135
$
123,048
$
30
$
117
Mortgage-backed
2,814,467
2,878,657
3,039,998
(64,190
)
(225,531
)
State and political subdivisions
2,828,029
2,822,218
2,621,633
5,811
206,396
Total securities held to maturity
$
5,765,661
$
5,824,010
$
5,784,679
$
(58,349
)
$
(19,018
)
Trading securities
$
17,327
$
12,538
$
5,651
$
4,789
$
11,676
Other securities
445,380
407,754
330,950
37,626
114,430
Total securities
$
12,765,684
$
13,060,525
$
13,687,196
$
(294,841
)
$
(921,512
)
- Average total securities decreased 2.3% on a linked-quarter
basis and decreased 6.7% compared to the third quarter of
2022.
- At September 30, 2023, the unrealized pre-tax net loss on the
available-for-sale securities portfolio was $917.8 million, or
12.7% of the $7.2 billion amortized cost value. At September 30,
2023, the unrealized pre-tax net loss on the securities designated
as held to maturity was $876.1 million, or 15.3% of the $5.7
billion amortized cost value.
- During 2022, the company transferred securities with an
amortized cost balance of $4.1 billion and a fair value of $3.8
billion from the available-for-sale category to the
held-to-maturity category. The remaining balance of unrealized
pre-tax net losses related to transferred securities was $216.5
million as of September 30, 2023 and was included in the amortized
cost balance of held-to-maturity securities.
- At September 30, 2023, an after-tax gain of $55.9 million was
included in accumulated other comprehensive income (AOCI) related
to the company’s fair value hedges of municipal securities. During
2021, the company entered into ten of these hedge transactions, all
of which have since been terminated. The gain on the terminated
hedges is being amortized over the remaining life of the underlying
bonds.
Summary of average deposits - QTD
Average
UMB Financial
Corporation
(unaudited, dollars in thousands)
Q3
Q2
Q3
CQ vs.
CQ vs.
2023
2023
2022
LQ
PY
Deposits:
Noninterest-bearing demand
$
10,014,686
$
10,535,325
$
12,394,251
$
(520,639
)
$
(2,379,565
)
Interest-bearing demand and savings
18,142,212
17,463,022
16,723,205
679,190
1,419,007
Time deposits
3,173,549
3,476,616
679,994
(303,067
)
2,493,555
Total deposits
$
31,330,447
$
31,474,963
$
29,797,450
$
(144,516
)
$
1,532,997
Noninterest bearing deposits as % of
total
32.0
%
33.5
%
41.6
%
- Average deposits decreased 0.5% on a linked-quarter basis and
increased 5.1% compared to the third quarter of 2022.
- As of September 30, 2023, the total estimated uninsured
deposits were $20.7 billion, or approximately 62.0% of total
deposits. Estimated uninsured deposits, when adjusted to exclude
affiliate (company-owned) and collateralized deposits, were $14.2
billion, and represented approximately 42.6% of total
deposits.
Capital
Capital information
UMB Financial
Corporation
(unaudited, dollars in thousands, except
per share data)
September 30, 2023
June 30, 2023
September 30, 2022
Total equity
$
2,806,659
$
2,831,628
$
2,523,545
Accumulated other comprehensive loss,
net
(792,371
)
(685,831
)
(759,260
)
Book value per common share
57.83
58.36
52.24
Tangible book value per common share
(Non-GAAP)(i)
52.06
52.54
48.19
Regulatory capital:
Common equity Tier 1 capital
$
3,357,986
$
3,273,841
$
3,132,209
Tier 1 capital
3,357,986
3,273,841
3,132,209
Total capital
3,955,093
3,870,101
3,679,116
Regulatory capital ratios:
Common equity Tier 1 capital ratio
10.77
%
10.65
%
11.18
%
Tier 1 risk-based capital ratio
10.77
10.65
11.18
Total risk-based capital ratio
12.68
12.59
13.13
Tier 1 leverage ratio
8.55
8.16
8.66
(i) See reconciliation of Non-GAAP measures to their nearest
comparable GAAP measures later in this release.
- At September 30, 2023, 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)
Q3
Q2
Q1
Q4
Q3
2023
2023
2023
2022
2022
Net charge-offs (recoveries) - total
loans
$
4,618
$
(139
)
$
4,643
$
2,189
$
1,173
Net loan charge-offs (recoveries) as a %
of total average loans
0.08
%
(0.00
)%
0.09
%
0.04
%
0.02
%
Loans over 90 days past due
$
3,044
$
10,675
$
1,723
$
1,617
$
2,513
Loans over 90 days past due as a % of
total loans
0.01
%
0.05
%
0.01
%
0.01
%
0.01
%
Nonaccrual and restructured loans
$
17,042
$
19,347
$
15,480
$
19,269
$
19,817
Nonaccrual and restructured loans as a %
of total loans
0.07
%
0.09
%
0.07
%
0.09
%
0.10
%
Provision for credit losses
$
4,977
$
13,000
$
23,250
$
9,000
$
22,000
- Provision for credit losses for the third quarter totaled $5.0
million, a decrease of $8.0 million from the linked quarter and a
decrease of $17.0 million from the third quarter of 2022. These
changes are driven largely by changes in macro-economic variables
in the current period as compared to the prior periods.
- Net charge-offs for the third quarter totaled $4.6 million, or
0.08% of average loans, compared to net recoveries of $0.1 million
in the linked quarter, and net charge-offs of $1.2 million, or
0.02% of average loans, for the third quarter of 2022. On a
year-to-date basis, net charge-offs totaled $9.1 million, or 0.06%
of average loans, compared to $37.7 million, or 0.27% of average
loans, for the same period in 2022.
Dividend Declaration
At the company’s quarterly board meeting, the Board of Directors
approved a 2.6% increase in the quarterly cash dividend to $0.39
per share. The cash dividend will be payable on January 2, 2024, to
shareholders of record at the close of business on December 11,
2023.
Conference Call
The company plans to host a conference call to discuss its third
quarter 2023 earnings results on Wednesday, October 25, 2023, 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 879142. The live call may
also be accessed by visiting investorrelations.umb.com or by using
the following link:
UMB Financial 3Q 2023 Conference Call
A replay of the conference call may be heard through November 8,
2023, by calling (toll-free) 866-813-9403 or (international)
204-525-0658. The replay access code required for playback is
504739. The call replay may also be accessed at
investorrelations.umb.com.
Non-GAAP Financial
Information
In this release, we may 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, tangible book value per share, and operating
return on average tangible equity excluding AOCI, 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, tangible book value per share, and
operating return on average tangible equity excluding AOCI – 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 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, 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 expense.
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 expense.
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.
Operating return on average tangible equity excluding AOCI is
calculated as net operating income, divided by the company’s
average tangible shareholders’ equity exclusive of AOCI for the
relevant period.
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, 2022, 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 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)
September 30,
2023
2022
ASSETS
Loans
$
22,881,689
$
19,883,573
Allowance for credit losses on loans
(221,462
)
(184,913
)
Net loans
22,660,227
19,698,660
Loans held for sale
2,824
2,870
Securities:
Available for sale
6,330,699
7,128,277
Held to maturity, net of allowance for
credit losses
5,729,697
5,835,187
Trading securities
24,509
14,390
Other securities
473,255
333,732
Total securities
12,558,160
13,311,586
Federal funds sold and resell
agreements
248,203
716,549
Interest-bearing due from banks
3,556,076
1,768,008
Cash and due from banks
454,705
371,336
Premises and equipment, net
249,037
260,685
Accrued income
208,594
153,759
Goodwill
207,385
182,225
Other intangibles, net
73,060
13,373
Other assets
1,246,411
1,102,011
Total assets
$
41,464,682
$
37,581,062
LIABILITIES
Deposits:
Noninterest-bearing demand
$
11,254,885
$
13,876,929
Interest-bearing demand and savings
18,833,614
17,059,492
Time deposits under $250,000
2,834,181
365,644
Time deposits of $250,000 or more
509,072
504,323
Total deposits
33,431,752
31,806,388
Federal funds purchased and repurchase
agreements
1,757,602
2,314,168
Short-term debt
2,300,000
—
Long-term debt
382,768
381,543
Accrued expenses and taxes
319,283
211,465
Other liabilities
466,618
343,953
Total liabilities
38,658,023
35,057,517
SHAREHOLDERS' EQUITY
Common stock
55,057
55,057
Capital surplus
1,128,239
1,120,489
Retained earnings
2,759,415
2,454,422
Accumulated other comprehensive loss,
net
(792,371
)
(759,260
)
Treasury stock
(343,681
)
(347,163
)
Total shareholders' equity
2,806,659
2,523,545
Total liabilities and shareholders'
equity
$
41,464,682
$
37,581,062
Consolidated Statements of
Income
UMB Financial
Corporation
(unaudited, dollars in thousands except
share and per share data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2022
2023
2022
INTEREST INCOME
Loans
$
367,485
$
216,970
$
1,018,920
$
536,359
Securities:
Taxable interest
53,455
50,003
161,091
140,680
Tax-exempt interest
25,704
24,692
76,560
72,085
Total securities income
79,159
74,695
237,651
212,765
Federal funds and resell agreements
4,567
6,056
14,107
12,003
Interest-bearing due from banks
20,551
2,545
70,923
9,209
Trading securities
214
73
502
372
Total interest income
471,976
300,339
1,342,103
770,708
INTEREST EXPENSE
Deposits
191,919
48,457
490,368
70,069
Federal funds and repurchase
agreements
23,076
14,709
71,123
21,855
Other
34,694
3,688
91,018
10,153
Total interest expense
249,689
66,854
652,509
102,077
Net interest income
222,287
233,485
689,594
668,631
Provision for credit losses
4,977
22,000
41,227
28,900
Net interest income after provision for
credit losses
217,310
211,485
648,367
639,731
NONINTEREST INCOME
Trust and securities processing
66,668
59,586
190,616
178,000
Trading and investment banking
3,771
5,387
13,879
17,950
Service charges on deposit accounts
21,080
19,932
63,620
65,409
Insurance fees and commissions
272
375
771
879
Brokerage fees
13,400
13,840
40,680
29,687
Bankcard fees
19,296
19,379
56,047
53,854
Investment securities gains (losses),
net
271
(1,345
)
(4,153
)
58,853
Other
8,559
11,569
40,139
24,104
Total noninterest income
133,317
128,723
401,599
428,736
NONINTEREST EXPENSE
Salaries and employee benefits
133,380
136,467
419,190
388,491
Occupancy, net
12,283
12,231
36,206
36,439
Equipment
17,204
18,811
52,139
55,290
Supplies and services
3,213
3,139
11,283
9,893
Marketing and business development
6,631
6,671
19,090
16,911
Processing fees
26,016
20,901
75,828
58,682
Legal and consulting
7,230
10,255
21,574
28,431
Bankcard
8,852
6,551
24,292
18,998
Amortization of other intangible
assets
2,124
1,092
6,539
3,388
Regulatory fees
6,153
4,200
17,827
11,146
Other
8,355
11,078
25,198
32,632
Total noninterest expense
231,441
231,396
709,166
660,301
Income before income taxes
119,186
108,812
340,800
408,166
Income tax expense
22,632
20,822
61,699
76,657
NET INCOME
$
96,554
$
87,990
$
279,101
$
331,509
PER SHARE DATA
Net income – basic
$
1.99
$
1.82
$
5.76
$
6.86
Net income – diluted
1.98
1.81
5.73
6.80
Dividends
0.38
0.37
1.14
1.11
Weighted average shares outstanding –
basic
48,525,776
48,300,129
48,492,022
48,351,007
Weighted average shares outstanding –
diluted
48,762,696
48,648,804
48,737,065
48,723,572
Consolidated Statements of
Comprehensive Income
UMB Financial
Corporation
(unaudited, dollars in thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2022
2023
2022
Net income
$
96,554
$
87,990
$
279,101
$
331,509
Other comprehensive loss, before tax:
Unrealized gains and losses on debt
securities:
Change in unrealized holding gains and
losses, net
(151,753
)
(271,079
)
(145,601
)
(1,202,341
)
Less: Reclassification adjustment for net
(gains) losses included in net income
(154
)
—
279
—
Amortization of net unrealized loss on
securities transferred from available-for-sale to
held-to-maturity
10,268
12,587
30,563
25,708
Change in unrealized gains and losses on
debt securities
(141,639
)
(258,492
)
(114,759
)
(1,176,633
)
Unrealized gains and losses on derivative
hedges:
Change in unrealized gains and losses on
derivative hedges, net
3,927
3,321
4,248
12,438
Less: Reclassification adjustment for net
gains included in net income
(2,844
)
(1,470
)
(8,065
)
(3,411
)
Change in unrealized gains and losses on
derivative hedges
1,083
1,851
(3,817
)
9,027
Other comprehensive loss, before tax
(140,556
)
(256,641
)
(118,576
)
(1,167,606
)
Income tax benefit
34,016
62,184
28,940
282,032
Other comprehensive loss
(106,540
)
(194,457
)
(89,636
)
(885,574
)
Comprehensive (loss) income
$
(9,986
)
$
(106,467
)
$
189,465
$
(554,065
)
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 Income (Loss)
Treasury Stock
Total
Balance - January 1, 2022
$
55,057
$
1,110,520
$
2,176,998
$
126,314
$
(323,465
)
$
3,145,424
Total comprehensive income (loss)
—
—
331,509
(885,574
)
—
(554,065
)
Dividends ($1.11 per share)
—
—
(54,085
)
—
—
(54,085
)
Purchase of treasury stock
—
—
—
—
(31,806
)
(31,806
)
Issuances of equity awards, net of
forfeitures
—
(6,630
)
—
—
7,309
679
Recognition of equity-based
compensation
—
16,062
—
—
—
16,062
Sale of treasury stock
—
257
—
—
172
429
Exercise of stock options
—
280
—
—
627
907
Balance - September 30, 2022
$
55,057
$
1,120,489
$
2,454,422
$
(759,260
)
$
(347,163
)
$
2,523,545
Balance - January 1, 2023
$
55,057
$
1,125,949
$
2,536,086
$
(702,735
)
$
(347,264
)
$
2,667,093
Total comprehensive income (loss)
—
—
279,101
(89,636
)
—
189,465
Dividends ($1.14 per share)
—
—
(55,772
)
—
—
(55,772
)
Purchase of treasury stock
—
—
—
—
(8,096
)
(8,096
)
Issuances of equity awards, net of
forfeitures
—
(10,115
)
—
—
10,834
719
Recognition of equity-based
compensation
—
11,983
—
—
—
11,983
Sale of treasury stock
—
167
—
—
216
383
Exercise of stock options
—
255
—
—
629
884
Balance - September 30, 2023
$
55,057
$
1,128,239
$
2,759,415
$
(792,371
)
$
(343,681
)
$
2,806,659
Average Balances / Yields and
Rates
UMB Financial
Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Three Months Ended September
30,
2023
2022
Average
Average
Average
Average
Balance
Yield/Rate
Balance
Yield/Rate
Assets
Loans, net of unearned interest
$
22,751,467
6.41
%
$
19,284,262
4.46
%
Securities:
Taxable
8,964,467
2.37
9,796,212
2.03
Tax-exempt
3,783,890
3.37
3,885,333
3.18
Total securities
12,748,357
2.66
13,681,545
2.35
Federal funds and resell agreements
303,864
5.96
848,844
2.83
Interest bearing due from banks
1,548,867
5.26
632,595
1.60
Trading securities
17,327
5.31
5,651
5.69
Total earning assets
37,369,882
5.08
34,452,897
3.53
Allowance for credit losses
(227,878
)
(167,939
)
Other assets
2,381,496
2,025,193
Total assets
$
39,523,500
$
36,310,151
Liabilities and Shareholders'
Equity
Interest-bearing deposits
$
21,315,761
3.57
%
$
17,403,199
1.10
%
Federal funds and repurchase
agreements
2,027,382
4.52
3,055,164
1.91
Borrowed funds
2,605,897
5.28
294,739
4.96
Total interest-bearing liabilities
25,949,040
3.82
20,753,102
1.28
Noninterest-bearing demand deposits
10,014,686
12,394,251
Other liabilities
667,920
456,992
Shareholders' equity
2,891,854
2,705,806
Total liabilities and shareholders'
equity
$
39,523,500
$
36,310,151
Net interest spread
1.26
%
2.25
%
Net interest margin
2.43
2.76
Average Balances / Yields and
Rates
UMB Financial
Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Nine Months Ended September
30,
2023
2022
Average
Average
Average
Average
Balance
Yield/Rate
Balance
Yield/Rate
Assets
Loans, net of unearned interest
$
22,076,977
6.17
%
$
18,328,139
3.91
%
Securities:
Taxable
9,179,230
2.35
9,695,499
1.94
Tax-exempt
3,816,122
3.36
3,912,590
3.11
Total securities
12,995,352
2.64
13,608,089
2.28
Federal funds and resell agreements
343,297
5.49
1,070,319
1.50
Interest bearing due from banks
1,935,029
4.90
2,841,510
0.43
Trading securities
13,071
5.56
12,170
4.86
Total earning assets
37,363,726
4.87
35,860,227
2.94
Allowance for credit losses
(213,744
)
(182,647
)
Other assets
2,322,171
1,988,189
Total assets
$
39,472,153
$
37,665,769
Liabilities and Shareholders'
Equity
Interest-bearing deposits
$
20,638,982
3.18
%
$
17,775,016
0.53
%
Federal funds and repurchase
agreements
2,273,826
4.18
2,896,021
1.01
Borrowed funds
2,319,652
5.25
279,659
4.85
Total interest-bearing liabilities
25,232,460
3.46
20,950,696
0.65
Noninterest-bearing demand deposits
10,816,120
13,537,023
Other liabilities
591,919
416,492
Shareholders' equity
2,831,654
2,761,558
Total liabilities and shareholders'
equity
$
39,472,153
$
37,665,769
Net interest spread
1.41
%
2.29
%
Net interest margin
2.54
2.56
Business Segment Information
UMB Financial
Corporation
(unaudited, dollars in thousands)
Three Months Ended September
30, 2023
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
148,666
$
43,133
$
30,488
$
222,287
Provision for credit losses
3,010
423
1,544
4,977
Noninterest income
23,091
86,521
23,705
133,317
Noninterest expense
81,767
87,502
62,172
231,441
Income (loss) before taxes
86,980
41,729
(9,523
)
119,186
Income tax expense (benefit)
16,311
7,866
(1,545
)
22,632
Net income (loss)
$
70,669
$
33,863
$
(7,978
)
$
96,554
Three Months Ended September
30, 2022
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
150,080
$
43,382
40,023
$
233,485
Provision for credit losses
20,156
162
1,682
22,000
Noninterest income
16,785
89,386
22,552
128,723
Noninterest expense
87,120
82,073
62,203
231,396
Income (loss) before taxes
59,589
50,533
(1,310
)
108,812
Income tax expense
12,859
7,735
228
20,822
Net income (loss)
$
46,730
$
42,798
$
(1,538
)
$
87,990
Nine Months Ended September
30, 2023
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
444,083
$
148,615
$
96,896
$
689,594
Provision for credit losses
35,110
754
5,363
41,227
Noninterest income
71,658
257,573
72,368
401,599
Noninterest expense
251,667
268,464
189,035
709,166
Income (loss) before taxes
228,964
136,970
(25,134
)
340,800
Income tax expense (benefit)
41,114
24,558
(3,973
)
61,699
Net income (loss)
$
187,850
$
112,412
$
(21,161
)
$
279,101
Nine Months Ended September
30, 2022
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
444,176
$
104,615
$
119,840
$
668,631
Provision for credit losses
25,183
402
3,315
28,900
Noninterest income
100,379
243,740
84,617
428,736
Noninterest expense
246,230
234,185
179,886
660,301
Income before taxes
273,142
113,768
21,256
408,166
Income tax expense
52,001
22,353
2,303
76,657
Net income
$
221,141
$
91,415
$
18,953
$
331,509
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 September 30, 2023.
Non-GAAP Financial Measures
Net operating income Non-GAAP
reconciliations:
UMB Financial
Corporation
(unaudited, dollars in thousands except
per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net income (GAAP)
$
96,554
$
87,990
$
279,101
$
331,509
Adjustments:
Acquisition expense
70
71
127
71
Severance expense
2,359
283
7,736
480
Tax-impact of adjustments (i)
(583
)
(85
)
(1,887
)
(132
)
Total Non-GAAP adjustments (net of
tax)
1,846
269
5,976
419
Net operating income (Non-GAAP)
$
98,400
$
88,259
$
285,077
$
331,928
Earnings per share - diluted (GAAP)
$
1.98
$
1.81
$
5.73
$
6.80
Acquisition expense
—
—
—
—
Severance expense
0.05
0.01
0.16
0.01
Tax-impact of adjustments (i)
(0.01
)
—
(0.04
)
—
Operating earnings per share - diluted
(Non-GAAP)
$
2.02
$
1.82
$
5.85
$
6.81
GAAP
Return on average assets
0.97
%
0.96
%
0.95
%
1.18
%
Return on average equity
13.25
12.90
13.18
16.05
Non-GAAP
Operating return on average assets
0.99
%
0.96
%
0.97
%
1.18
%
Operating return on average equity
13.50
12.94
13.46
16.07
(i) Calculated using the company’s marginal tax rate of
24.0%.
Operating noninterest expense and
operating efficiency ratio Non-GAAP reconciliations:
UMB Financial
Corporation
(unaudited, dollars in thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Noninterest expense
$
231,441
$
231,396
$
709,166
$
660,301
Adjustments to arrive at operating
noninterest expense (pre-tax):
Acquisition expense
70
71
127
71
Severance expense
2,359
283
7,736
480
Total Non-GAAP adjustments (pre-tax)
2,429
354
7,863
551
Operating noninterest expense
(Non-GAAP)
$
229,012
$
231,042
$
701,303
$
659,750
Noninterest expense
$
231,441
$
231,396
$
709,166
$
660,301
Less: Amortization of other
intangibles
2,124
1,092
6,539
3,388
Noninterest expense, net of amortization
of other intangibles (Non-GAAP) (numerator A)
$
229,317
$
230,304
$
702,627
$
656,913
Operating noninterest expense
$
229,012
$
231,042
$
701,303
$
659,750
Less: Amortization of other
intangibles
2,124
1,092
6,539
3,388
Operating expense, net of amortization of
other intangibles (Non-GAAP) (numerator B)
$
226,888
$
229,950
$
694,764
$
656,362
Net interest income
$
222,287
$
233,485
$
689,594
$
668,631
Noninterest income
133,317
128,723
401,599
428,736
Less: Gains on sales of securities
available for sale, net
154
—
152
—
Total Non-GAAP Revenue (denominator A)
$
355,450
$
362,208
$
1,091,041
$
1,097,367
Efficiency ratio (numerator A/denominator
A)
64.51
%
63.58
%
64.40
%
59.86
%
Operating efficiency ratio (Non-GAAP)
(numerator B/denominator A)
63.83
63.49
63.68
59.81
Operating pre-tax, pre-provision income
non-GAAP reconciliations:
UMB Financial
Corporation
(unaudited, dollars in thousands except
per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net interest income (GAAP)
$
222,287
$
233,485
$
689,594
$
668,631
Noninterest income (GAAP)
133,317
128,723
401,599
428,736
Noninterest expense (GAAP)
231,441
231,396
709,166
660,301
Adjustments to arrive at operating
noninterest expense:
Acquisition expense
70
71
127
71
Severance expense
2,359
283
7,736
480
Total Non-GAAP adjustments
2,429
354
7,863
551
Operating noninterest expense
(Non-GAAP)
229,012
231,042
701,303
659,750
Operating pre-tax, pre-provision income
(Non-GAAP)
$
126,592
$
131,166
$
389,890
$
437,617
Net interest income earnings per share -
diluted (GAAP)
$
4.56
$
4.80
$
14.15
$
13.72
Noninterest income (GAAP)
2.73
2.65
8.24
8.80
Noninterest expense (GAAP)
4.74
4.76
14.55
13.55
Acquisition expense
—
—
—
—
Severance expense
0.05
0.01
0.16
0.01
Operating pre-tax, pre-provision earnings
per share - diluted (Non-GAAP)
$
2.60
$
2.70
$
8.00
$
8.98
Operating pre-tax, pre-provision income
- FTE Non-GAAP reconciliations:
UMB Financial
Corporation
(unaudited, dollars in thousands except
per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net interest income (GAAP)
$
222,287
$
233,485
$
689,594
$
668,631
Adjustments to arrive at net interest
income - FTE:
Tax equivalent interest
6,559
6,454
19,689
19,131
Net interest income - FTE (Non-GAAP)
228,846
239,939
709,283
687,762
Noninterest income (GAAP)
133,317
128,723
401,599
428,736
Noninterest expense (GAAP)
231,441
231,396
709,166
660,301
Adjustments to arrive at operating
noninterest expense:
Acquisition expense
70
71
127
71
Severance expense
2,359
283
7,736
480
Total Non-GAAP adjustments
2,429
354
7,863
551
Operating noninterest expense
(Non-GAAP)
229,012
231,042
701,303
659,750
Operating pre-tax, pre-provision income -
FTE (Non-GAAP)
$
133,151
$
137,620
$
409,579
$
456,748
Net interest income earnings per share -
diluted (GAAP)
$
4.56
$
4.80
$
14.15
$
13.72
Tax equivalent interest
0.13
0.13
0.40
0.39
Net interest income - FTE (Non-GAAP)
4.69
4.93
14.55
14.11
Noninterest income (GAAP)
2.73
2.65
8.24
8.80
Noninterest expense (GAAP)
4.74
4.76
14.55
13.55
Acquisition expense
—
—
—
—
Severance expense
0.05
0.01
0.16
0.01
Operating pre-tax, pre-provision income -
FTE earnings per share - diluted (Non-GAAP)
$
2.73
$
2.83
$
8.40
$
9.37
Tangible book value non-GAAP
reconciliations:
UMB Financial
Corporation
(unaudited, dollars in thousands except
share and per share data)
As of September 30,
2023
2022
Total shareholders' equity (GAAP)
$
2,806,659
$
2,523,545
Less: Intangible assets
Goodwill
207,385
182,225
Other intangibles, net
73,060
13,373
Total intangibles, net
280,445
195,598
Total tangible shareholders' equity
(Non-GAAP)
$
2,526,214
$
2,327,947
Total shares outstanding
48,529,097
48,309,638
Ratio of total shareholders' equity (book
value) per share
$
57.83
$
52.24
Ratio of total tangible shareholders'
equity (tangible book value) per share (Non-GAAP)
52.06
48.19
Operating return on average tangible
equity excluding AOCI non-GAAP reconciliations:
UMB Financial
Corporation
(unaudited, dollars in thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Average total shareholders' equity
(GAAP)
$
2,891,854
$
2,705,806
$
2,831,654
$
2,761,558
Less: Average intangible assets
Average goodwill
207,385
182,225
207,385
179,741
Average other intangibles, net
74,444
14,061
75,892
14,476
Average total intangibles, net
281,829
196,286
283,277
194,216
Average total tangible shareholders'
equity (Non-GAAP)
2,610,025
2,509,520
2,548,377
2,567,342
Less: Average accumulated other
comprehensive loss (AOCI)
(706,062
)
(576,947
)
(664,770
)
(405,343
)
Average total tangible shareholders'
equity excluding AOCI (Non-GAAP)
$
3,316,087
$
3,086,467
$
3,213,147
$
2,972,685
Net operating income (Non-GAAP)
$
98,400
$
88,259
$
285,077
$
331,928
Non-GAAP
Operating return on average tangible
equity excluding AOCI
11.77
%
11.34
%
11.86
%
14.93
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231018691354/en/
Media Contact: Stephanie Hague: 816.860.5088 Investor Relations
Contact: Kay Gregory: 816.860.7106
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