Financial Performance - UMB Financial Corporation reported net income available to common shareholders of $79.3 million, or $1.21 per diluted share, a decrease from $120.0 million, or $2.44 per diluted share in Q4 2024[3]. - Total revenue for Q1 2025 was $563.8 million, an increase of $129.7 million from the linked quarter[10]. - The company achieved a return on average assets of 0.54% and a return on average common equity of 5.86% for Q1 2025[10]. - Net income available to common shareholders decreased to $79,320,000 in Q1 2025 from $110,258,000 in Q1 2024, representing a decline of 28.1%[48]. - The company reported a net income of $81.33 million for Q1 2025, compared to $110.26 million in Q1 2024, reflecting a decrease of 26.3%[47]. Asset and Loan Growth - Average loans increased by 27.8% on a linked-quarter basis to $32.3 billion, and by 38.3% compared to Q1 2024[5]. - Total assets increased to $69,347,313 thousand in Q1 2025, up from $45,343,375 thousand in Q1 2024, representing a growth of 53%[42]. - Net loans rose to $35,567,359 thousand in Q1 2025, compared to $23,411,490 thousand in Q1 2024, marking an increase of 52%[42]. - Average total assets for Q1 2025 were $60.0 billion, compared to $45.0 billion for the linked quarter and $42.0 billion for the same period in 2024[21]. - Total deposits grew to $58,521,178 thousand in Q1 2025, up from $36,913,610 thousand in Q1 2024, indicating a 58% increase[42]. Interest Income and Margin - Net interest income for Q1 2025 was $397.6 million, an increase of 47.8% from the linked quarter, primarily due to the HTLF acquisition[11]. - Total interest income for Q1 2025 was $737,970 thousand, a 42% increase from $520,065 thousand in Q1 2024[43]. - Net interest income (GAAP) increased to $397,639,000 in Q1 2025 from $239,434,000 in Q1 2024, a growth of 66.2%[50]. - The net interest margin improved to 2.96%, up 39 basis points from the linked quarter, driven by higher loan yields and a decrease in the cost of interest-bearing liabilities[11]. - The net interest margin improved to 2.96% in Q1 2025, compared to 2.48% in Q1 2024, indicating better asset yield management[46]. Noninterest Income and Expenses - Noninterest income increased by $1.0 million, or 0.6%, on a linked-quarter basis, driven by higher service charges on deposits and bankcard income[14]. - GAAP noninterest expense for Q1 2025 was $384.8 million, an increase of $114.4 million, or 42.3%, from the linked quarter and $130.0 million, or 51.0%, from Q1 2024[17]. - Total noninterest expense increased to $384,787 thousand in Q1 2025 from $254,804 thousand in Q1 2024, reflecting a rise of 51%[43]. - Noninterest income for Q1 2025 was $166.20 million, compared to $159.24 million in Q1 2024, showing a slight increase of 4.4%[47]. Efficiency and Ratios - The efficiency ratio was reported at 65.19%, impacted by merger-related nonrecurring charges, while the operating efficiency ratio improved to 55.56%[5]. - The efficiency ratio increased to 65.19% in Q1 2025 from 63.44% in Q1 2024, indicating a decline in operational efficiency[49]. - Common equity Tier 1 capital ratio was 10.11% as of March 31, 2025, down from 11.29% in the previous quarter[25]. - The ratio of total tangible common shareholders' equity per share (Non-GAAP) decreased to $56.40 in Q1 2025 from $59.01 in Q1 2024[51]. Credit Quality - Net charge-offs for Q1 2025 totaled $35,872 thousand, representing 0.45% of average loans, compared to $8,935 thousand or 0.14% in Q4 2024[27][31]. - Provision for credit losses in Q1 2025 was $86,000 thousand, a significant increase from $19,000 thousand in Q4 2024[27][31]. - The provision for credit losses in Q1 2025 was $86 million, significantly higher than $10 million in Q1 2024, indicating increased risk management measures[47]. - Loans over 90 days past due decreased to $6,346 thousand, or 0.02% of total loans, from $7,602 thousand or 0.03% in Q4 2024[27]. Shareholder Actions - The company declared a quarterly cash dividend of $0.40 per share, payable on July 1, 2025[28]. - The company approved a share repurchase program for up to 1,000,000 shares of common stock[29]. - UMB Financial Corporation settled a forward sale arrangement adding $235.1 million in common equity and 3.2 million shares of common stock[26]. Strategic Developments - The acquisition of Heartland Financial added approximately $17.9 billion in assets, including $9.8 billion in loans and $14.3 billion in deposits, enhancing UMB's market position[4]. - The company has strategically aligned its operations into three reportable segments: Commercial Banking, Institutional Banking, and Personal Banking, to enhance resource allocation and performance assessment[47]. - UMB Financial Corporation will host a conference call on April 30, 2025, to discuss Q1 2025 earnings results[30].
UMB Financial Corporation(UMBFP) - 2025 Q1 - Quarterly Results