UMB Bank (UMBF) Tops Q3 EPS by 57c

UMB Bank (NASDAQ: UMBF) reported Q3 EPS of $1.59, $0.57 better than the analyst estimate of $1.02.

Third Quarter 2020 Highlights

• GAAP net income of $73.1 million, or $1.52 per diluted share; net operating income of $76.4 million, or $1.59 per diluted share.
• Pre-tax, pre-provision (PTPP) income of $99.4 million, an increase of 10.2% from the linked quarter.
• Average loans increased 16.8% on a linked-quarter, annualized basis.
• Average deposits grew $1.3 billion to $24.1 billion compared to the second quarter of 2020.
• GAAP book value per share increased 13.8% to $59.43, and tangible book value per share increased 14.5% to $55.19, compared to a year ago.
• Credit quality remained strong, with net charge-offs of just 0.13% of average loans.

“Our strong third quarter results were driven by several factors. Despite unprecedented circumstances, average loans, excluding Paycheck Protection Program (PPP) balances, increased 9.7% on a linked-quarter annualized basis and we saw a 47.2% decrease in modified loan balances from the prior quarter. These were modifications designed during the height of the crisis to assist our customers and provide financial relief,” said Mariner Kemper, chairman, president and chief executive officer. “In addition, we saw a 23.5% year-over-year increase in pre-tax, pre-provision income. We had year-over-year double-digit growth on both sides of our balance sheet and launched a successful inaugural subordinated debt issuance at an attractive yield, which further bolsters our capital position. And finally, as disclosed in our SEC filing on October 19, our fourth quarter is off to a great start with expected gains from our investment in Tattooed Chef, Inc.”

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

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