Financial Performance - UMB Financial Corporation reported fourth quarter net income of $120.0 million, or $2.44 per diluted share, an increase of 9.5% from the previous quarter and 69.5% year-over-year [3][6]. - Full-year 2024 net income reached $441.2 million, with net operating income of $461.7 million, setting new company records [5]. - GAAP net income for the year ended December 31, 2024, was $441.2 million, or $8.99 per diluted share, representing an increase of 26.0% from $350.0 million, or $7.18 per diluted share in 2023 [15]. - Net income for Q4 2024 was $119,997,000, a significant increase of 69.1% from $70,923,000 in Q4 2023 [45]. - Basic net income per share for Q4 2024 was $2.46, compared to $1.46 in Q4 2023, marking a 68.5% increase [44]. - Total comprehensive income for the year 2024 was $425,128,000, down from $495,824,000 in 2023, a decrease of 14.2% [45]. Revenue and Income Sources - Net interest income for the fourth quarter totaled $269.0 million, an increase of 8.7% from the linked quarter and 16.7% year-over-year [11]. - Noninterest income rose 4.1% sequentially to $165.2 million, driven by gains from the sale of UMB Distribution Services and increased brokerage income [10][12]. - Full-year noninterest income increased by $86.3 million, or 15.9%, driven by various income sources including fund services and corporate trust income [19]. - Noninterest income for Q4 2024 was $165,211,000, representing a 17.8% increase compared to $140,254,000 in Q4 2023 [44]. - Total Non-GAAP revenue for Q4 2024 was $434,185 thousand, compared to $370,776 thousand in Q4 2023, marking an increase of 17.1% [53]. Asset and Loan Growth - Average loans increased 14.8% on a linked-quarter annualized basis to $25.3 billion, and rose $2.2 billion, or 9.4%, compared to the fourth quarter of 2023 [6][11]. - Average loans for Q4 2024 increased by $902.6 million, or 3.7%, on a linked-quarter basis and $2.2 billion, or 9.4%, compared to Q4 2023, totaling $25.3 billion [22]. - Total assets increased to $50,409,664 from $44,011,674, representing a growth of approximately 14.5% year-over-year [43]. - Average total assets for Q4 2024 were $45.0 billion, compared to $43.3 billion for the linked quarter and $40.5 billion for the same period in 2023 [21]. Deposit Growth - Average deposits surged 30.9% on a linked-quarter annualized basis to $38.0 billion, with average noninterest-bearing demand deposits increasing 12.0% [6][11]. - Total deposits reached $38,017,219, an increase of $5,341,957 compared to Q4 2023 [30]. - Average deposits increased by 7.7% on a linked-quarter basis and 16.3% compared to Q4 2023 [26]. - The company reported a non-interest bearing demand of $13,617,167, up from $12,130,666, indicating an increase of approximately 12.2% [43]. Credit Quality and Losses - Credit quality remained strong, with net charge-offs at just 0.10% of average loans for the year ended December 31, 2024 [6]. - Net charge-offs for Q4 totaled $8.9 million, or 0.14% of average loans, consistent with the previous quarter [29]. - Provision for credit losses increased by $1.0 million from the linked quarter and $19.0 million from Q4 2023 [35]. - The provision for credit losses for the year 2024 was $61,050,000, compared to $41,227,000 in 2023, indicating a 48.3% increase [44]. Efficiency and Cost Management - The efficiency ratio improved to 61.83%, down from 77.65% in the previous year, indicating better cost management [9]. - The efficiency ratio improved to 62.56% in 2024 from 67.76% in 2023, indicating better operational efficiency [16]. - Noninterest expense for Q4 2024 was $270,361 thousand, a decrease of 6.0% from $289,974 thousand in Q4 2023 [53]. - Total noninterest expense for the year ended December 31, 2024, was $1,026,686,000, up from $999,140,000 in 2023, reflecting a 2.8% increase [44]. Capital and Shareholder Information - Total equity as of December 31, 2024, was $3,466,541, an increase from $3,100,419 in Q4 2023 [27]. - Common equity Tier 1 capital ratio was 11.29%, exceeding "well-capitalized" regulatory thresholds [28]. - The company declared a quarterly cash dividend of $0.40 per share, payable on April 1, 2025 [31]. - The balance of total shareholders' equity as of December 31, 2024, was $3,466,541,000, an increase from $3,100,419,000 at the end of 2023 [46].
UMB Financial Corporation(UMBFP) - 2024 Q4 - Annual Results