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Sep 30, 2024
UMB Financial Q3 2024 Earnings Report
UMB Financial reported net income of $109.6 million for the third quarter of 2024.
Key Takeaways
UMB Financial Corporation reported a solid financial performance in Q3 2024, with a net income of $109.6 million, or $2.23 per diluted share, compared to $96.6 million, or $1.98 per diluted share, in the third quarter of 2023. Net operating income was $110.4 million, or $2.25 per diluted share, compared to $98.4 million, or $2.02 per diluted share, for the third quarter of 2023. The company saw increases in fee income and loan growth, though net interest margin decreased slightly.
GAAP net income reached $109.6 million, translating to $2.23 per diluted share.
Net operating income amounted to $110.4 million, or $2.25 per diluted share.
Average loans experienced a 9.8% increase on a linked-quarter, annualized basis, reaching $24.4 billion.
Average deposits increased 11.1% on a linked-quarter, annualized basis, to $35.3 billion.
Revenue by Segment
Forward Guidance
UMB Financial is on track to complete the acquisition of Heartland Financial in the first quarter of 2025, subject to regulatory and other approvals.
Positive Outlook
- The acquisition will add further diversity and scale to UMB's financial model.
- Preparations for legal day one of the acquisition are well underway.
- Cross-functional workstreams are collaborating with personnel from Heartland Financial.
- The combination is financially and strategically compelling.
- UMB looks forward to serving prospective clients and geographies.
Challenges Ahead
- The acquisition is subject to regulatory and other approvals.
- Completion of the acquisition is not guaranteed.
- Integration of Heartland Financial may present challenges.
- The company's effective tax rate was 19.0% for the nine months ended September 30, 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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