UMB Bank (UMBF) Tops Q4 EPS by 18c

UMB Bank (NASDAQ: UMBF) reported Q4 EPS of $1.35, $0.18 better than the analyst estimate of $1.17.

2019 Financial Highlights (all comparisons to the prior year)

• Average loan balances increased $1.2 billion, or 10.0 percent; annual gross loan production of $3.6 billion increased 39.1 percent
• Average deposits grew 13.7 percent to $19.3 billion
• Noninterest income increased 6.2 percent, and comprised 38.9 percent of revenue
• Credit quality remained strong, with net charge-offs of just 0.27 percent of average loans, consistent with the company’s historical performance

“We capped off another strong year of financial performance, reporting record earnings in 2019. I am particularly pleased with our fourth quarter 2019 results, with income from continuing operations of $66.5 million, an increase of 6.6 percent compared to the third quarter,” said Mariner Kemper, chairman, president and chief executive officer. “Highlights for the quarter include strong balance sheet growth, with average loan balances increasing 2.6 percent compared to the third quarter, and 10.6 percent compared to the fourth quarter 2018. This growth, together with strong fee income, resulted in total revenue increases of 4.0 percent on a linked-quarter basis and 10.1 percent compared to fourth quarter 2018 levels. Expenses were elevated in the fourth quarter, driven largely by incentives tied to business and revenue growth, as well as overall company performance. For the full year 2019, we earned $243.6 million, or $4.96 per diluted share. We saw continued momentum in noninterest income, including a 50.6 percent increase in trading and investment banking income, along with solid performance in corporate trust and many of our other businesses.”

For earnings history and earnings-related data on UMB Bank (UMBF) click here.

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