UMB Financial Corporation (Nasdaq: UMBF), a financial services company, reported a net income of $109.6 million, or $2.23 per diluted share, for the third quarter of 2024. This reflects an increase from the $101.3 million, or $2.07 per diluted share, achieved in the second quarter and a rise from $96.6 million, or $1.98 per diluted share, reported in the third quarter of 2023.
Mariner Kemper, chairman and CEO of UMB Financial Corporation, expressed satisfaction with the company’s performance, stating, “We are pleased with another quarter of solid financial performance across the board.” He noted strong institutional banking activity and a 9.5% increase in fee income compared to the previous quarter, driven by annualized loan growth that bolstered net interest income. The net interest margin experienced a five-basis-point decline due to a reduction in average noninterest-bearing deposit balances. Asset quality remains robust, with net charge-offs averaging eight basis points year-to-date. Kemper attributed the quarter’s higher provision expense to $793.3 million in net loan growth.
The company’s non-GAAP net operating income was $110.4 million, or $2.25 per diluted share, up from $105.9 million, or $2.16 per diluted share, in the linked quarter and $98.4 million, or $2.02 per diluted share, in the third quarter of 2023. Additionally, operating pre-tax, pre-provision income (PTPP) reached $154.6 million, or $3.15 per diluted share, marking a 5.3% increase over the previous quarter and a 22.1% increase from the same period in 2023.
Kemper also highlighted progress on the acquisition of Heartland Financial, which is on schedule for completion in the first quarter of 2025.
