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Stock impact report

UMB Financial Corporation Reports First Quarter 2020 Results

UMB Financial Corporation (UMBF) 
Last umb financial corporation earnings: 4/28 05:00 pm Check Earnings Report
US:NASDAQ Investor Relations: umbfinancial.com/investor-relations
Company Research Source: Business Wire
KANSAS CITY, Mo.--(BUSINESS WIRE)--UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced results for the first quarter of 2020. "On a GAAP basis, we reported a net loss of $3.4 million, driven by the adoption of a new accounting standard on January 1, 2020, which resulted in significantly higher provision expense based on the possibility of future credit losses under the current environment created by the COVID-19 crisis,” said Mariner Kemper, chairman, president and chief executive officer. “Excluding this impact, business and financial results remained strong as demonstrated by a 5.6 percent increase in pre-tax pre-provision income, to $83.7 million, from the linked quarter. As many industry participants have noted, the ill-timed adoption of this new accounting standard has resulted in adding more undue volatility in this critical environment and rendered comparability of financial results across the banking industry extremely difficult.”2020 First Qu Show less Read more
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