Company: UMBFO
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028420
Chunk: 95

Company: UMB FINANCIAL CORP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 95
---
 )

    Income before taxes

    389,483

    296,945

    92,538

    31.2

    Income tax expense

    71,248

    47,874

    23,374

    48.8

    Net income
     
    $
    318,235

    $
    249,071

    $
    69,164

    27.8
    %

For the year ended December 31, 2024, Commercial Banking net income increased $69.2 million, or 27.8%, to $318.2 million compared to the same period in 2023.  Net interest income increased $67.2 million, or 11.2%, for the year ended December 31, 2024, compared to the same period last year, driven by strong loan growth, earning asset mix changes and the increase in short-term interest rates.  Provision for credit losses increased $17.0 million, 

48

or 51.1%, as compared to 2023, driven by loan growth, portfolio metric changes, and changes in macro-economic metrics in 2024 as compared to 2023.  Noninterest income increased $32.6 million, or 33.4%, over the same period in 2023.  This increase was primarily due to increases of $11.0 million in investment security gains, $7.4 million in bankcard income, $5.8 million in other income driven by a legal settlement in the first quarter of 2024 and increased life insurance income, and $4.0 million in service charges on deposit accounts.  Noninterest expense decreased $9.7 million, or 2.7%, as compared to the same period in 2023.  This decrease was driven by a decrease of $20.8 million in technology, service, and overhead expenses, partially offset by increases of $7.0 million in salaries and employee benefits expense, $2.1 million in marketing and business development, $1.6 million in processing fees and $1.6 million in bankcard expense. 

Table 9

INSTITUTIONAL BANKING OPERATING RESULTS (in thousands)

    Year Ended December 31,

    DollarChange

    PercentChange

    2024

    2023

    24-23

    24-23

    Net interest income
     
    $
    199