Financial Performance - UMB Financial Corporation reported net income available to common shareholders of $180.4 million, or $2.36 per diluted share, a decrease of 16.3% from the linked quarter but an increase of 64.5% compared to the third quarter of 2024 [3]. - Net operating income available to common shareholders was $206.5 million, or $2.70 per diluted share, reflecting an increase of 87.2% year-over-year [4]. - Net income for the three months ended September 30, 2025, was $188.32 million, up from $109.64 million in 2024, representing a 71.6% increase [43]. - The company reported a net income per common share of $2.38 for Q3 2025, compared to $2.25 in Q3 2024, a growth of 5.8% [43]. - Net income available to common shareholders for Q3 2025 was $180.37 million, up from $109.64 million in Q3 2024, marking a 64.5% increase [49]. Asset and Loan Growth - Average loans increased by 8.0% on a linked-quarter annualized basis to $37.1 billion, and by $12.8 billion, or 52.3%, compared to the third quarter of 2024 [4]. - Average loans for Q3 2025 increased by $731.8 million, or 2.0%, on a linked-quarter basis and $12.8 billion, or 52.3%, compared to Q3 2024 [22]. - Total assets reached $71.9 billion, up 51.3% from $47.5 billion as of September 30, 2024 [4]. - Total assets increased to $71.88 billion as of September 30, 2025, up from $47.50 billion in 2024, representing a 51.2% growth [42]. - Net loans reached $37.30 billion, a significant increase from $24.74 billion in the previous year, marking a 50.6% rise [42]. Deposits and Funding - Average deposits rose by 8.0% on a linked-quarter annualized basis to $56.8 billion, with end-of-period deposits at $60.1 billion [4]. - Average deposits increased by 60.8% compared to Q3 2024, reflecting strong organic growth and the impact of acquired HTLF balances [14]. - Total deposits grew to $60.14 billion, up from $39.70 billion in the previous year, indicating a 51.5% increase [42]. Income and Expenses - Total interest income for the three months ended September 30, 2025, was $878.90 million, compared to $557.69 million in 2024, reflecting a 57.6% increase [43]. - Net interest income after provision for credit losses was $452.54 million for Q3 2025, up from $229.38 million in Q3 2024, a growth of 97.5% [43]. - Total noninterest expense increased to $419.29 million for Q3 2025, up from $252.45 million in 2024, a rise of 65.9% [43]. - GAAP noninterest expense for Q3 2025 was $419.3 million, an increase of $26.1 million, or 6.6%, from the linked quarter and $166.8 million, or 66.1%, from Q3 2024 [17]. Efficiency and Profitability - The efficiency ratio improved to 58.1%, down from 61.7% in the third quarter of 2024 [4]. - Operating return on average assets for Q3 2025 was 1.20%, compared to 1.01% in Q3 2024 [49]. - The net interest margin for Q3 2025 was 3.04%, a decrease of six basis points from the linked quarter, attributed to higher yields on interest-bearing deposits and lower yields on loans [14]. - The net interest margin improved to 3.04% in Q3 2025, compared to 2.49% in Q3 2024 [47]. Credit Quality - Net charge-offs for the third quarter totaled $18.4 million, or 0.20% of average loans, compared to $15.5 million, or 0.17% in the linked quarter [32]. - Nonaccrual loans increased to $132.0 million, or 0.35% of total loans, primarily due to the addition of two legacy HTLF loans [32]. - Provision for credit losses increased by $1.5 million from the linked quarter and $4.5 million from the third quarter of 2024, totaling $22.5 million [32]. Capital and Shareholder Equity - Common equity Tier 1 capital ratio was 10.70%, exceeding the "well-capitalized" regulatory threshold [28]. - Total equity as of September 30, 2025, was $7,443,950, an increase from $7,285,765 in the previous quarter and $3,535,489 in the same quarter of 2024 [26]. - Total common shareholders' equity (GAAP) as of September 30, 2025, was $7,161,853 thousand, compared to $3,535,489 thousand in 2024, showing a 102% increase [52]. Other Key Metrics - Average total assets for Q3 2025 were $68.5 billion, compared to $66.9 billion for the linked quarter and $43.3 billion for the same period in 2024 [19]. - Average total securities increased by 7.5% on a linked-quarter basis and 49.2% compared to the third quarter of 2024, reaching $19,018,827 [23]. - Dividends per common share increased to $1.20 for the nine months ended September 30, 2025, from $1.17 in the same period of 2024 [45].
UMB Financial Corporation(UMBFP) - 2025 Q3 - Quarterly Results