UMB Financial Corp reported significant growth in its financial performance for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. Total assets increased to $47.5 billion, up from $44.0 billion at the end of 2023, and $41.5 billion a year earlier. Net loans rose to $25.0 billion, reflecting a $1.8 billion increase from December 31, 2023, and a $2.1 billion increase year-over-year. Total deposits also saw a substantial rise, reaching $39.7 billion, up from $35.8 billion at the end of 2023 and $33.4 billion a year prior.
Interest income for the third quarter of 2024 was $557.7 million, a notable increase from $472.0 million in Q3 2023. For the nine-month period, interest income totaled $1.6 billion, compared to $1.3 billion in the previous year. Net interest income for Q3 2024 was $247.4 million, up from $222.3 million in Q3 2023, while net interest income for the nine months increased to $731.9 million from $689.6 million. The net interest margin improved slightly to 2.46% for Q3 2024, compared to 2.43% in the same quarter of 2023.
Noninterest income also experienced growth, reaching $158.7 million in Q3 2024, an increase of 19.1% from $133.3 million in Q3 2023. For the nine-month period, noninterest income totaled $462.9 million, up from $401.6 million in the prior year. Key contributors to this growth included trust and securities processing income, which rose to $74.2 million for Q3 2024, and trading and investment banking fees, which increased significantly.
Net income for Q3 2024 was $109.6 million, compared to $96.6 million in Q3 2023, while net income for the nine-month period was $321.2 million, up from $279.1 million in the previous year. Basic earnings per share for Q3 2024 were $2.25, an increase from $1.99 in Q3 2023.
The company’s total shareholders' equity increased to $3.5 billion as of September 30, 2024, up from $3.1 billion at the end of 2023 and $2.8 billion a year earlier. The total risk-based capital ratio stood at 13.14% as of September 30, 2024.
Strategically, UMB Financial Corp announced a merger agreement with HTLF on April 28, 2024, valued at approximately $2.0 billion, expected to close in early 2025, pending regulatory and shareholder approvals. The company also entered into a forward sale agreement for 2.8 million shares of common stock, raising approximately $201.6 million.
Overall, UMB Financial Corp's performance reflects strong growth in both interest and noninterest income, alongside strategic developments aimed at enhancing its market position.
About UMB FINANCIAL CORP
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