Umb Financial Stock Price, News & Analysis

UMB Financial (Nasdaq: UMBF) reported a second quarter 2024 net income of $101.3 million, or $2.07 per diluted share. This figure is down from $110.3 million or $2.25 per diluted share in the first quarter. Net operating income for Q2 2024 was $105.9 million, or $2.16 per diluted share.

Key metrics include:

• Average loans increased by 7.7% to $23.8 billion on a linked-quarter annualized basis.
• Average deposits rose 9.7% to $34.3 billion.
• Net interest margin improved to 2.51%.

Comparatively, Q2 2023 net income was $90.1 million, or $1.85 per diluted share. The company highlighted strong credit quality with net charge-offs at 0.05% and non-performing loans at 0.06%. However, Q2 2024 noninterest income fell by 9.0% from Q1 2024 primarily due to lower investment securities gains.

UMB Financial also announced a $0.39 per share quarterly cash dividend payable on October 1, 2024.

Saturna Capital has upgraded its Consumer Direct Health Savings Account (HSA) to align with top industry standards, as outlined in Morningstar's 2023 Health Savings Account Landscape Report. The revamped HSA offers:

• A curated list of highly rated mutual funds with no investment minimum
• An intuitive user platform for easy investment selection and expense management
• Modern account features including receipt record retention
• A Spending Account with enhanced benefits and stability

Saturna has partnered with UMB Financial (NASDAQ:UMBF) for account management and custodial services, providing FDIC-insured bank accounts, debit cards, and $0 monthly maintenance fees. This upgrade aims to provide a simpler, more effective experience for accountholders while maintaining Saturna's commitment to putting investors first.

UMB Financial (Nasdaq: UMBF) will release its second quarter 2024 earnings results after market close on July 30, 2024. The company will host an investor conference call on July 31, 2024, at 8:30 a.m. (CT) / 9:30 a.m. (ET) to discuss these results. Interested parties can join the call by dialing the provided numbers and using access code 944750. A live webcast of the call will be available on UMB's investor relations website. A replay of the call will be accessible until August 14, 2024.

ACA Group, a leader in governance, risk, and compliance solutions, announced plans to acquire UMB Distribution Services, a unit of UMB Financial (Nasdaq: UMBF). Expected to close in Q4 2024, this acquisition will add over $48 billion in client assets to ACA's portfolio, expanding ACA Foreside's distribution leadership, which currently services $2 trillion in assets. The acquisition will enhance ACA's service offerings with a comprehensive suite of compliance and technology solutions. Financial terms were not disclosed.

UMB Financial (NASDAQ:UMBF) announced the pricing of an underwritten public offering of 2,800,000 shares of common stock at $75.00 per share, expected to generate approximately $201.6 million in net proceeds. The offering is set to close on May 1, 2024, with an option for the underwriters to purchase an additional 420,000 shares. UMB entered into a forward sale agreement with BofA Securities, with plans to physically settle the agreement in approximately 18 months. The proceeds will be used for general corporate purposes, including contributing Tier 1 capital into UMB Bank.

UMB Financial (Nasdaq: UMBF) has announced the acquisition of Heartland Financial USA, Inc. (Nasdaq: HTLF) in an all-stock transaction valued at $2.0 billion. This will increase UMB's total assets by more than 40% and expand its geographic footprint across 13 states. The deal, the largest in UMB's history, will create a regional banking powerhouse with $64.5 billion in assets, elevating it to the top 5% of publicly traded banks in the U.S. The transaction is expected to close in the first quarter of 2025.

UMB Financial reported first quarter 2024 net income of $110.3 million and net operating income of $120.7 million. Key highlights include GAAP net income of $110.3 million, average loans increased by 4.2% on a linked-quarter basis to $23.4 billion, average deposits increased by 10.4% to $33.5 billion, and noninterest income increased by 22.3% from the first quarter of 2023. Credit quality remained strong with net charge-offs at 0.05% of average loans.