Company: UMBFO
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028420
Chunk: 96

Company: UMB FINANCIAL CORP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 96
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,821

    $
    192,765

    $
    7,056

    3.7
    %

    Provision for credit losses

    2,781

    1,406

    1,375

    97.8

    Noninterest income

    398,306

    347,933

    50,373

    14.5

    Noninterest expense

    408,323

    382,770

    25,553

    6.7

    Income before taxes

    187,023

    156,522

    30,501

    19.5

    Income tax expense

    33,126

    26,664

    6,462

    24.2

    Net income
     
    $
    153,897

    $
    129,858

    $
    24,039

    18.5
    %

For the year ended December 31, 2024, Institutional Banking net income increased $24.0 million, or 18.5%, to $153.9 million compared to the same period last year.  Net interest income increased $7.1 million, or 3.7%, compared to the same period last year, due to an increase in funds transfer pricing due to the increase in interest rates.  Provision for credit losses increased $1.4 million as compared to 2023, driven by loan growth, portfolio metric changes, and changes in the macro-economic metrics in 2024 as compared to 2023.  Noninterest income increased $50.4 million, or 14.5%, primarily due to increases of $28.4 million in trust and securities processing income driven by higher fund services and corporate trust revenue, an increase of $7.1 million in brokerage income, $6.5 million in bankcard income, an increase of $4.7 million in bond trading income, and an increase of $4.0 million in other income driven by the gain on the sale of UMB Distribution Services, LLC during the fourth quarter.  These increases were partially offset by a decrease of $3.9 million in service charges on deposit accounts.  Noninterest expense increased $25.6 million, or 6.7% as compared to 2023, primarily driven by increases of $18.0 million in salaries and employee benefits expense,