Company: UMBFO
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028420
Chunk: 244

Company: UMB FINANCIAL CORP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 244
---
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, $8.6 million in bankcard expense, $6.1 million in processing fees, $1.7 million in legal and consulting expense, and $1.2 million in equipment expense. These increases were partially offset by a decrease of $11.1 million in technology, service, and overhead expenses.

Table 10

PERSONAL BANKING OPERATING RESULTS (in thousands)

    Year Ended December 31,

    DollarChange

    PercentChange