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Jun 30, 2024
UMB Financial Q2 2024 Earnings Report
UMB Financial reported second quarter results with net income of $101.3 million and net operating income of $105.9 million.
Key Takeaways
UMB Financial Corporation reported a net income of $101.3 million for the second quarter of 2024, an increase compared to the second quarter of 2023 ($90.1 million) but a decrease compared to the linked quarter ($110.3 million). Average loans increased by 7.3% year-over-year to $23.8 billion, and average deposits increased by 9.1% to $34.3 billion. Credit quality remained strong, with net charge-offs at 0.05% of average loans.
GAAP net income was $101.3 million, or $2.07 per diluted share.
Net operating income was $105.9 million, or $2.16 per diluted share.
Average loans increased 7.3% year-over-year to $23.8 billion.
Average deposits increased 9.1% year-over-year to $34.3 billion.
UMB Financial
UMB Financial
Forward Guidance
UMB remains excited about the future, including their pending acquisition of Heartland Financial and the opportunity they see as a combined company.