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Mar 31, 2020
UMB Financial Q1 2020 Earnings Report
UMB Financial reported a net loss due to the adoption of a new accounting standard and increased provision expense related to the COVID-19 crisis, though business and financial results excluding these impacts remained strong.
Key Takeaways
UMB Financial Corporation reported a net loss of $3.4 million for Q1 2020, primarily due to the adoption of a new accounting standard and increased provision expense related to the COVID-19 crisis. Excluding these impacts, pre-tax pre-provision income increased by 5.6 percent compared to the linked quarter.
Average loan balances increased by $385 million, or 11.6 percent, on a linked-quarter annualized basis.
Average deposits grew by $439 million to $20.8 billion compared to the fourth quarter of 2019.
GAAP book value per share was $55.33, a 15.5 percent increase, and tangible book value per share was $51.04, a 16.1 percent increase compared to a year ago.
Credit quality remained strong, with net charge-offs of just 0.23 percent of average loans, consistent with the company’s historical performance.
Forward Guidance
No specific forward guidance provided in the document.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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