UMB Financial (UMBF) Q3 FY2023 earnings: revenue $356 million, down 1.8% on the year

UMB Financial Corp. (UMBF) reported revenue of $356 million for Q3 FY2023, the quarter ended 30 September 2023, down 1.8% on the same quarter a year earlier. Net income was $97 million, up 9.7% on the year, and diluted earnings per share $1.98. The figures are the company's own, from the 10-Q it filed with the SEC on 26 October 2023.

Revenue$356 milliondown 1.8%

Net income$97 millionup 9.7%

Diluted EPS$1.98

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	356	n/a	n/a	n/a
Interest expense	250	n/a	n/a	n/a
Pre-tax income	119	n/a	n/a	n/a
Income tax	22.6	n/a	n/a	n/a
Effective tax rate	19.0%	n/a	n/a
Net income	96.6	n/a	n/a	n/a
Net margin	27.2%	n/a	n/a
Diluted EPS	$1.98	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	232	n/a	n/a	n/a
Capital expenditure	6.0	n/a	n/a	n/a
Free cash flow	226	n/a	n/a	n/a
Cash from investing	-145	n/a	n/a	n/a
Cash from financing	99.9	n/a	n/a	n/a
Depreciation and amortisation	14.5	n/a	n/a	n/a
Share-based compensation	3.5	n/a	n/a	n/a
Buybacks	0.2	n/a	n/a	n/a
Dividends paid	18.4	n/a	n/a	n/a
Dividend per share	$0.38	n/a	n/a	n/a
Diluted shares, weighted	49m	n/a	n/a	n/a
Shares outstanding at period end	49m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	2,807	n/a	n/a	n/a
Deposits	33,432	n/a	n/a	n/a
Repurchase agreements	1,758	n/a	n/a	n/a
Debt	2,683	n/a	n/a	n/a
Other liabilities	786	n/a	n/a	n/a
Total liabilities and equity	41,465	n/a	n/a	n/a
Fixed assets	249	n/a	n/a	n/a
Goodwill	207	n/a	n/a	n/a
Intangible assets	73.1	n/a	n/a	n/a
Securities held for sale or to maturity	12,063	n/a	n/a	n/a
Loans	22,660	n/a	n/a	n/a
Resale agreements	248	n/a	n/a	n/a
Trading assets	24.5	n/a	n/a	n/a
Cash and equivalents	3,927	n/a	n/a	n/a
Other assets	2,012	n/a	n/a	n/a
Total assets	41,465	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	356	371	399	390	406	434	564	689	678	721	739	778
Interest expense	250	266	281	293	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	119	80.8	134	127	136	145	93.0	275	237	270	331	350
Tax rate	19%	12%	18%	20%	19%	17%	13%	21%	20%	20%	21%	21%
Net income	96.6	70.9	110	101	110	120	81.3	217	188	215	261	278
Net margin	27%	19%	28%	26%	27%	28%	14%	32%	28%	30%	35%	36%
Diluted EPS	$1.98	$1.45	$2.25	$2.07	$2.23	$2.44	$1.21	$2.82	$2.36	$2.74	$3.35	$3.56
Operating cash flow	232	85.0	56.1	112	124	-66.9	363	285	272	106	361	349
Capital expenditure	6.0	3.8	2.4	5.7	6.0	10.2	8.8	14.6	14.4	n/a	4.5	18.5
Free cash flow	226	81.2	53.8	107	118	-77.1	354	271	258	n/a	357	331
Buybacks	0.2	0.3	7.5	0.0	0.2	0.0	15.4	0.3	1.8	0.1	32.8	5.1
Dividends paid	18.4	18.9	19.0	19.5	19.1	19.5	30.1	32.4	32.5	40.6	39.6	38.5
Shares outstanding	49m	49m	49m	49m	49m	49m	76m	76m	76m	76m	76m	76m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 26 October 2023, accession 0000950170-23-055378: the filing on EDGAR. All of UMB Financial Corp.'s filings: EDGAR company page.

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