The following is a summary of the UMB Financial Corporation (UMBF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• UMB Financial reported Q1 2024 GAAP earnings of $110.3 million or $2.25 per share.

• The average loan balance increased by 4.2% annually.

• The credit quality in the company's loan portfolio is strong.

• The net interest income increased by 3.9%, reflecting continued loan growth.

• Fee income increased to $159 million, benefiting from a rise in bank card fees and an increase in trust and securities processing income.

• The company had a successful unwritten public offering of $210 million or 2.8 million common shares.

Business Progress:

• UMB Financial announced its agreement to acquire Heartland Financial diversifying their business model.

• This acquisition is projected to accelerate UMB's growth strategy and generate significant value.

• The combined franchise is expected to generate meaningful capital, enhancing UMB's commercial banking capabilities.

• The company is leveraging resources from this new acquisition to continue delivering twice the assets of their peer group.

• Significant capital reserves are being strategically deferred and capitalized for up to 18 months in a 'just in time' strategy.

• The company has made progress in boosting its consumer banking segment through this acquisition.

• Systems conversion following the closing of the deal is scheduled for early October 2025.

More details: UMB Financial IR

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