Press Release

UMB Financial Corporation Reports Third Quarter Income from Continuing Operations of $62.4 Million, or $1.27 per Diluted Share

Company Release - 10/29/2019 5:00 PM ET

KANSAS CITY, Mo.--(BUSINESS WIRE)-- UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced income from continuing operations for the third quarter of 2019 of $62.4 million, or $1.27 per diluted share, compared to $57.0 million, or $1.16 per diluted share, in the second quarter of 2019 (linked quarter) and $57.8 million, or $1.16 per diluted share, in the third quarter of 2018. The reported GAAP income from continuing operations represents an increase of 9.5 percent on a linked-quarter basis and an increase of 7.8 percent compared to the third quarter of 2018.

Net operating income from continuing operations, a non-GAAP financial measure reconciled to income from continuing operations, the nearest comparable GAAP measure, later in this release, was $62.5 million, or $1.27 per diluted share, for the third quarter of 2019, compared to $57.2 million, or $1.17 per diluted share, for the linked quarter and $58.0 million, or $1.16 per diluted share, for the third quarter of 2018. These results represent an increase of 9.2 percent on a linked-quarter basis and an increase of 7.8 percent compared to the third quarter of 2018.

Summary of quarterly financial results

 

UMB Financial Corporation

(unaudited, dollars in thousands, except per share data)

 

 

 

 

Q3

 

Q2

 

Q3

 

 

2019

 

2019

 

2018

Income from continuing operations

 

$

62,382

 

 

$

56,959

 

 

$

57,849

 

Loss from discontinued operations

 

 

 

 

 

 

 

 

 

Net income

 

 

62,382

 

 

 

56,959

 

 

 

57,849

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share from continuing operations (diluted)

 

 

1.27

 

 

 

1.16

 

 

 

1.16

 

Losses per share from discontinued operations (diluted)

 

 

 

 

 

 

 

 

 

Earnings per share (diluted)

 

 

1.27

 

 

 

1.16

 

 

 

1.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating income from continuing operations

 

 

62,525

 

 

 

57,245

 

 

 

58,024

 

Operating earnings per share from continuing operations (diluted)

 

 

1.27

 

 

 

1.17

 

 

1.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP - continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.03

%

 

 

0.98

%

 

 

1.11

%

Return on average equity

 

 

9.69

 

 

 

9.46

 

 

 

10.32

 

Efficiency ratio

 

 

70.70

 

 

 

70.32

 

 

 

71.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP - continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

Operating return on average assets

 

 

1.04

%

 

 

0.99

%

 

 

1.11

%

Operating return on average equity

 

 

9.72

 

 

 

9.51

 

 

 

10.35

 

Operating efficiency ratio

 

 

70.63

 

 

 

70.19

 

 

 

71.18

 

 

Summary of year-to-date financial results

 

UMB Financial Corporation

(unaudited, dollars in thousands, except per share data)

 

September

 

 

September

 

 

YTD

 

 

YTD

 

 

2019

 

 

2018

Income from continuing operations

 

$

177,085

 

 

$

170,806

 

Loss from discontinued operations

 

 

 

 

 

(747

)

Net income

 

 

177,085

 

 

 

170,059

 

 

 

 

 

 

 

 

 

 

Earnings per share from continuing operations (diluted)

 

 

3.61

 

 

 

3.41

 

Losses per share from discontinued operations (diluted)

 

 

 

 

 

(0.01

)

Earnings per share (diluted)

 

 

3.61

 

 

 

3.40

 

 

 

 

 

 

 

 

 

 

Net operating income from continuing operations

 

 

177,978

 

 

 

173,165

 

Operating earnings per share from continuing operations (diluted)

 

 

3.63

 

 

 

3.47

 

 

 

 

 

 

 

 

 

 

GAAP - continuing operations

 

 

 

 

 

 

 

 

Return on average assets