UMB Financial Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2015
January 27, 2016 at 03:35 am IST
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UMB Financial Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported total interest income of $119,615,000 compared to $94,218,000 a year ago. Net interest income was $114,454,000 compared to $90,914,000 a year ago. Income before income taxes was $39,973,000 compared to $36,765,000 a year ago. Net income was $29,643,000 or $0.60 per diluted share compared to $26,940,000 or $0.59 per diluted share a year ago. Return on average assets was 63% against 0.66% reported last year. Return on average equity was 6.15% against 6.47% reported last year. Non-GAAP net operating income was $34,234,000 compared to $27,821,000 a year ago. Non-GAAP return on average assets was 0.72% against 0.68% reported last year. Return on average equity was 7.10% against 6.68% reported last year.
For the year, the company reported total interest income of $430,681,000 compared to $363,871,000 a year ago. Net interest income was $412,067,000 compared to $350,055,000 a year ago. This increase was due primarily to a $1.4 billion, or 20.8%, increase in average loans. Income before income taxes was $159,285,000 compared to $166,063,000 a year ago. Net income was $116,073,000 or $2.44 per diluted share compared to $120,655,000 or $2.65 per diluted share a year ago. Return on average assets was 0.65% against 0.75% reported last year. Return on average equity was 6.43% against 7.54% reported last year. Book value per share was $38.34 as at December 31, 2015 against $36.10 as at December 30, 2015. Non-GAAP net operating income was $123,360,000 compared to $139,601,000 a year ago. Non-GAAP return on average assets was 0.69% against 0.87% reported last year. Return on average equity was 6.83% against 8.73% reported last year.
The company reported net loan charge-offs of $1,886,000 for the fourth quarter of 2015 against $4,176,000 for the same period a year ago.
UMB Financial Corporation is a financial services company. The Company offers commercial banking, which includes comprehensive deposit, lending and investment services, personal banking, which includes wealth management and financial planning services, and institutional banking, which includes asset servicing, corporate trust solutions, investment banking, and healthcare services. Its segments include Commercial Banking, which serves the commercial banking and treasury management needs of the Companyâs small to middle-market businesses through a range of products and services; Institutional Banking segment, which is a combination of banking services, fund services, asset management services and healthcare services provided to institutional clients, and Personal Banking segment that combines consumer banking and wealth management services offered to clients and delivered through personal relationships and its bank branches, automated teller machine (ATM) network and Internet banking.
UMB Financial Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2015