UMB Financial Q1 Net Income Rises; UMB To Acquire Heartland Financial

(RTTNews) - UMB Financial (UMBF), a financial services company, reported first quarter net income of $110.3 million, or $2.25 per share, compared to $92.4 million, or $1.90 per share, in the first quarter of 2023. Net operating income was $120.7 million, or $2.47 per share, for the first quarter of 2024, compared to $92.8 million, or $1.91 per share, a year ago. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $1.76, for the quarter. Analysts' estimates typically exclude special items.

Net interest income declined to $239.4 million from $241.7 million, prior year. Total noninterest income was $159.2 million compared to $130.2 million. Analysts on average had estimated $368.03 million in revenue.

The Board of Directors declared a $0.39 per share quarterly cash dividend, payable on July 1, 2024, to shareholders of record at the close of business on June 10, 2024. The Board also approved the repurchase of up to 1 million shares of the company's common stock.

Separately, UMB Financial and Heartland Financial, USA Inc. (HTLF) announced that they have entered into a definitive merger agreement under which UMB Financial Corporation will acquire Heartland Financial USA, Inc., in an all-stock deal valued at approximately $2.0 billion. HTLF stockholders will receive a fixed exchange ratio of 0.55 shares of UMB stock for each share of HTLF stock. The per share consideration is valued at $45.74 per share.

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