UMB Financial Corporation (NASDAQ:UMBF) Q2 2024 Earnings Conference Call July 31, 2024 9:30 AM ET

Company Participants

Kay Gregory - Investor Relations
Mariner Kemper - President & Chief Executive Officer
Ram Shankar - Chief Financial Officer
Jim Rine - Chief Executive Officer, UMB Bank
Tom Terry - Chief Credit Officer

Conference Call Participants

Jared Shaw - Barclays
Chris McGratty - KBW
Nathan Race - Piper Sandler
John Rodis - Janney
Timur Braziler - Wells Fargo

Operator

Good morning. Thank you for attending today's UMB Financial Second Quarter 2024 Financial Results Call. My name is Jennifer and I'll be your moderator today. All lines will be muted during the presentation portion of the call with an opportunity for questions-and-answers at the end. [Operator Instructions]

I'd now like to turn the call over to Kay Gregory, UMB Investor Relations. Kay, please proceed.

Kay Gregory

Good morning and welcome to our second quarter 2024 call. Mariner Kemper, President and CEO; and Ram Shankar, CFO will share a few comments about our results. Then we'll open up the call for questions. Jim Rine, CEO of UMB Bank; and Tom Terry Chief Credit Officer will be available for the question-and-answer session.

Before we begin, let me remind you that today's presentation contains forward-looking statements, including the discussion of future financial and operating results, benefits, synergies, gains and costs that the company expects to realize from the pending acquisition as well as other opportunities management foresees.

Forward-looking statements and any pro forma metrics are subject to assumptions, risks and uncertainties as outlined in our SEC filings and summarized on slides 48 to 51 of our presentation. Actual results may differ from those set forth in forward-looking statements which speak only as of today. We undertake no obligation to update them except to the extent required by securities laws.

Presentations and materials are available online at investorrelations.umb.com and include reconciliations of non-GAAP financial measures.

Now I'll turn the call over to Mariner Kemper.

Mariner Kemper

Thank you, Kay and good morning, everyone. Thanks for joining us as we discuss our great second quarter results announced yesterday afternoon. Our strong first quarter performance continued into the second quarter with net interest income growth driven by a growing balance sheet and net interest margin expansion along with solid credit metrics.

We reported GAAP earnings of $101.3 million or $2.07 per share driven by continued momentum across our various lines of business. On an operating basis, we earned $105.9 million or $2.16 per share.