In This Article:
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Annual Operating Income: $461.7 million for 2024.
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Net Interest Income: Surpassed $1 billion for 2024; $269 million for Q4, an 8.7% increase from Q3.
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Fee Income: $628.1 million for 2024.
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GAAP Earnings: $120 million for Q4, or $2.44 per share.
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Operating Earnings: $2.49 per share for Q4.
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Net Interest Margin: Increased by 11 basis points to 2.57% in Q4.
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Average Loan Balances: Increased by 14.8% on a linked quarter annualized basis.
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Net Charge-Offs: 14 basis points for Q4; 10 basis points for the full year.
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Nonperforming Loan Ratio: 8 basis points for Q4.
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Average Total Deposits: Grew by $2.7 billion or nearly 31% on a linked quarter annualized basis.
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Average DDA Balances: Increased by 48% linked quarter annualized to $10.6 billion.
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Private Wealth Net New Assets: $1.3 billion in 2024, a 75% increase over 2023.
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Institutional Assets Under Administration: Up 18% year-over-year to $526 million.
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Corporate Trust Assets: $42.4 billion, with a CAGR of 14% over the past 10 years.
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HSA Accounts: Grew to more than 1.6 million accounts by the end of 2024, with a CAGR of 11% since 2014.
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CET1 Ratio: 11.9% at the end of Q4, an increase of 7 basis points from Q3.
Release Date: January 29, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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UMB Financial Corp (NASDAQ:UMBF) reported a record-setting annual operating income of $461.7 million for 2024.
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The company achieved a significant increase in net interest income, surpassing $1 billion, and fee income of $628.1 million.
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UMB Financial Corp (NASDAQ:UMBF) experienced strong balance sheet growth, with a 14.8% linked quarter annualized increase in average loan balances.
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The acquisition of HTLF is expected to enhance UMB Financial Corp (NASDAQ:UMBF)'s strategic, financial, and cultural fit, with anticipated benefits in 2025 and beyond.
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The company's capital levels continue to build, with a CET1 ratio of 11.9%, reflecting a strong capital position.
Negative Points
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Heartland's fourth-quarter results showed lower loan balances and higher levels of net charge-offs, impacting the overall financial performance.
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There is an expectation of slowing loan growth from Heartland in 2025 due to customer wait times for conversion.
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UMB Financial Corp (NASDAQ:UMBF) anticipates some elevated expenses in the first quarter of 2025 due to seasonal resets and integration costs.
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The integration of Heartland may result in some noise in charge-offs as the company aligns its credit processes.
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The company faces challenges in maintaining its loan growth momentum amidst the integration of Heartland and potential market uncertainties.