UMB Financial Corporation announced net income for the fourth quarter of 2024 of $120.0 million, or $2.44 per diluted share, compared to $109.6 million, or $2.23 per diluted share, in the third quarter of 2024. Net operating income, a non-GAAP measure, reached $122.6 million, or $2.49 per diluted share, for the fourth quarter.
For the full year 2024, UMB Financial reported record net income of $441.2 million, or $8.99 per diluted share, and net operating income of $461.7 million, or $9.41 per diluted share. Net interest income surpassed $1.0 billion and noninterest income reached $628.1 million for the year, both setting new company records. Average loans increased 9.4% year-over-year to $25.3 billion, while average deposits grew 16.3% to $38.0 billion.
The company's net interest income increased 8.7% sequentially in Q4, driven by an 11-basis-point increase in net interest margin and a 15.6% linked-quarter annualized increase in average earning assets. Noninterest income also saw a 4.1% increase compared to the third quarter of 2024, propelled by the strength of its fee income businesses. Credit quality remained strong, with net charge-offs at 0.10% of average loans for the year ended December 31, 2024.
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