Company: UMBFO
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028420
Chunk: 97

Company: UMB FINANCIAL CORP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 97
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 $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

    2024

    2023

    24-23

    24-23

    Net interest income
     
    $
    135,484

    $
    128,980

    $
    6,504

    5.0
    %

    Provision for credit losses

    8,114

    6,637

    1,477

    22.3

    Noninterest income

    99,624

    96,306

    3,318

    3.4

    Noninterest expense

    262,227

    250,514

    11,713

    4.7

    Loss before taxes

    (35,233
    )

    (31,865
    )

    (3,368
    )

    (10.6
    )

    Income tax benefit

    (4,344
    )

    (2,960
    )

    (1,384
    )

    (46.8
    )

    Net loss
     
    $
    (30,889
    )
     
    $
    (28,905
    )
     
    $
    (1,984
    )

    (6.9
    )%

For the year ended December 31, 2024, Personal Banking net income decreased $2.0 million, or 6.9%, to a net loss of $30.9 million as compared to the same period last year.  Net interest income increased $6.5 million, or 5.0%, compared to the same period last year due to loan growth and the increase in short-term interest rates. Provision for 

49

credit losses increased $1.5 million, or 22.3%, for the period, driven by loan growth, portfolio metric changes, and changes in macro-economic metrics in 2024 as compared to 2023.  Noninterest income increased $3.3 million, or