UMB Financial Corporation (Nasdaq:UMBF), a Kansas City-based
multi-bank holding company, announced third quarter earnings of
$16.2 million or $0.75 per share ($0.75 diluted). This is an
increase of $4.2 million or 34.7% compared to the prior year third
quarter. Income is higher due to increases in net interest income,
higher fee-related income and net gains on the sales/closures of
branch facilities offset by a higher effective tax rate. The
company's Board of Directors also approved an increase in the
quarterly dividend to $0.25 per share from $0.22 per share, a 13.6%
increase, payable January 3, 2006, to the shareholders of record at
the close of business on December 13, 2005. "Our financial
performance in the third quarter clearly demonstrates our focus on
growth and shareholder returns," said Mariner Kemper, Chairman and
Chief Executive Officer, UMB Financial Corporation. "Commercial
Loans continued to lead our growth, with an increase of 33.5% over
the same quarter last year. We are implementing a number of
strategies to improve overall profitability and effectiveness of
our distribution network. These efforts are clearly driving a solid
year for UMB." "We continued to see growth in UMB's fee business
and to gain momentum with strong inflows into Scout Mutual Funds.
We also announced the consolidation of the Personal Trust and
Brokerage divisions, and hired DeAnna Basler, an industry veteran,
to lead the newly formed group," said Peter deSilva, President and
Chief Operating Officer. "Additionally, UMB Healthcare Services
grew to $34 million in deposits following the addition of new
healthcare partner Humana. In our consumer business, we launched a
successful 'Grab-a-Great-Rate' marketing campaign that resulted in
more than $368 million in deposits and more than 5,000 new
customers." Quarter-to-Date Net interest income for the third
quarter of 2005 increased $3.5 million, or 7.7% compared to the
same period in 2004 due primarily to higher loan balances. Total
loans as of September 30, 2005, increased by 19.3% from September
30, 2004. Loan interest income is up $13.2 million, or 37.7%,
followed by a $1.9 million or 10.5% increase in securities interest
income as compared to the third quarter of 2004. Noninterest income
increased $7.7 million, or 13.6%, for the three months ended
September 30, 2005, compared to the same period in 2004. The
increase was primarily due to gains on the sale of branches in
2005, higher trust and securities processing fees and higher
service charges on deposits. Trust and securities processing income
is $1.8 million, or 9.4% higher and service charges on deposits
increased by $2.1 million, or 11.4%, over the same period in 2004.
Net gain on the sales and closures of banking facilities was $4.8
million in the third quarter of 2005 as compared to $1.8 million in
the third quarter of 2004. Excluding these items in both years, our
third quarter net income would have increased approximately 20.9%.
A table reconciling GAAP net income for these items for the quarter
and year to date is included with this release to provide a clear
portrayal of year over year operating results. Noninterest expense
increased $3.0 million, or 3.5%, for the three months ended
September 30, 2005, compared to the same period in 2004. This
increase is due to higher processing fees, bankcard expenses and
losses on deposit accounts. The effective tax rate was 26.7 percent
in the third quarter of 2005 as compared to 10.4 percent in the
third quarter of 2004. The increase in the effective tax rate is a
result of net tax-exempt income representing a smaller percentage
of total income and a reduction in rehabilitation tax credits from
2004. In the third quarter of 2004, the company recorded a $1.8
million federal rehabilitation tax credit. For the three months
ended September 30, 2005, average loans were $3.26 billion compared
to $2.82 billion for the same period in 2004. As of September 30,
2005, UMB had total shareholders' equity of $831 million compared
to $820 million at September 30, 2004. The quality of the company's
loan portfolio remains high as nonperforming loans at September 30,
2005, totaled $9.7 million compared to $12.6 million a year
earlier, a 23% improvement. As a percentage of total loans,
nonperforming loans decreased to 0.29 percent of loans as of
September 30, 2005, compared to 0.45 percent of loans as of
September 30, 2004. Nonperforming loans are defined as non-accrual
loans and loans more than 90 days past due. The company's allowance
for loan losses totaled $39.7 million or 1.18 percent of total
loans as of September 30, 2005, compared to $45.1 million, or 1.60
percent of total loans as of September 30, 2004. Year-to-Date
Earnings for the nine months ended September 30, 2005, were $41.4
million or $1.92 per share ($1.91 diluted). This is an increase of
$10.2 million or 32.7 percent compared to prior year earnings of
$31.2 million or $1.44 per share ($1.43 diluted). Net interest
income for the year to date September 30, 2005, increased $5.9
million, or 4.4%, compared to the same period in 2004 due primarily
to higher loan balances and yields. Net interest margin was 3.17
percent for the year to date September 30, 2005, compared to 3.13
percent for the same period in 2004. Noninterest income increased
$19.4 million, or 11.3%, for the nine months ended September 30,
2005, compared to the same period in 2004. The increase was driven
primarily by one-time gains, as well as an increase in trust income
and service charge income. Trust income increased by $5.2 million,
or 9.2% due primarily to increases in assets under management.
Service charge income increased $4.4 million, or 8.0% mainly
because of a $5.9 million increase in overdraft and non-sufficient
fund fees, partially offset by a decrease in corporate service
charge income. Net gains of $8.8 million were recognized in 2005
mostly attributable to the sales and closures of banking
facilities. In 2004, a $1.8 million gain was recognized on the sale
of a parking lot in downtown Kansas City. There was a $2.8 million
increase related to the sale of employee benefit accounts in 2004
due to income recognized from the final earn out payment received
in 2005. Finally, excluding one-time items in both years, our net
income would have increased 22.9% year-over-year. Noninterest
expense increased $8.8 million, or 3.3%, for the year to date
September 30, 2005, compared to the same period in 2004 mostly due
to the implementation of a voluntary separation (early retirement)
plan. This plan resulted in a one-time charge of approximately $4.4
million related to 102 employees who accepted the offer. Other
increases resulted from higher processing fees, bankcard expenses,
contributions and deposit account charge-offs partially offset by
decreases in marketing and business development expenses. The
company plans to host a conference call to discuss its third
quarter results on October 26, 2005, at 4:00 p.m. (CST). Interested
parties may access the call by dialing U.S. (toll-free)
877-407-8031 or access the following Web link to the live call:
www.vcall.com/CEPage.asp?ID=95035 or visit www.umb.com.
Forward-Looking Statements This release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934, and
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements rely on a number of
assumptions concerning future events and are subject to risks and
uncertainties, which could cause actual results to differ
materially from those contemplated by the forward-looking
statements in this press release and any exhibits to this release
and other public statements we make. While management of UMB
believes their assumptions are reasonable, UMB cautions that
material changes in interest rates, general economic conditions,
competition in the financial services industry, and other risks and
uncertainties detailed in UMB's filings with the Securities and
Exchange Commission, may cause actual results to differ materially
from those discussed in this release. UMB has no duty to update
such statements, and undertakes no obligation to update or
supplement forward-looking statements that become untrue because of
new information, future events or otherwise. Non-GAAP Financial
Measures Certain financial measures contained in this press release
exclude unusual gains and losses relating to the sales and closures
of banking facilities, the sale of employee benefits accounts and
the voluntary separation plan. Financial measures which exclude
those items have not been determined in accordance with generally
accepted accounting principles and are therefore "non-GAAP"
financial measures. Management of UMB believes that investors'
understanding of the company's performance is enhanced by
disclosing these non-GAAP financial measures as a reasonable basis
for comparison of the company's ongoing results of operations.
These non-GAAP measures should not be considered a substitute for
GAAP-basis measures and results. Our non-GAAP measures may not be
comparable to non-GAAP measures of other companies. The attached
Non-GAAP Reconciliation Table provides a reconciliation of these
non-GAAP financial measures to the most closely analogous measure
determined in accordance with GAAP. About UMB UMB Financial
Corporation is a multi-bank holding company headquartered in Kansas
City, Mo., offering complete banking and related financial services
to both individual and business customers. Its banking subsidiaries
own and operate 139 banking centers throughout Missouri, Illinois,
Colorado, Kansas, Oklahoma and Nebraska in addition to a loan
production office in Arizona. Subsidiaries of the holding company
and the lead bank, UMB Bank, n.a., include an investment services
group based in Milwaukee, Wisconsin, a trust management company in
South Dakota, and single-purpose companies that deal with brokerage
services, consulting services and insurance. -0- *T THIRD QUARTER
2005 FINANCIAL HIGHLIGHTS UMB Financial Corporation
----------------------------------------------------------------------
(all dollars in thousands, except per share data) (unaudited) Nine
Months Ended September 30 2005 2004
-------------------------------------------
-------------------------- Net interest income $ 140,136 $ 134,223
Provision for loan losses 2,954 5,420 Noninterest income 190,967
171,587 Noninterest expense 271,162 262,412 Income before income
taxes 56,987 37,978 Net income 41,363 31,180 Net income per share -
Basic 1.92 1.44 Net income per share - Diluted 1.91 1.43 Return on
average assets 0.79 % 0.60 % Return on average equity 6.68 % 5.08 %
Three Months Ended September 30
------------------------------------------- Net interest income $
48,725 $ 45,235 Provision for loan losses 1,454 1,887 Noninterest
income 64,736 56,991 Noninterest expense 89,936 86,931 Income
before income taxes 22,071 13,408 Net income 16,171 12,008 Net
income per share - Basic 0.75 0.55 Net income per share - Diluted
0.75 0.55 Return on average assets 0.91 % 0.71 % Return on average
equity 7.71 % 5.83 % At September 30
------------------------------------------- Assets $ 7,087,925 $
6,872,262 Loans, net of unearned interest 3,368,146 2,822,791
Securities 2,637,729 2,741,382 Deposits 5,006,741 4,779,029
Shareholders' equity 830,946 819,550 Book value per share 38.56
37.85 Market price per share 65.68 47.67 Equity to assets 11.72 %
11.93 % Allowance for loan losses $ 39,715 $ 45,070 As a % of loans
1.18 % 1.60 % Nonaccrual and restructured loans $ 6,086 $ 9,595 As
a % of loans 0.18 % 0.34 % Loans over 90 days past due $ 3,635 $
3,034 As a % of loans 0.11 % 0.11 % Other real estate owned $ 35 $
- Common shares outstanding 21,550,945 21,650,414 Average Balances
Nine Months Ended September 30
------------------------------------------- Assets $ 7,025,917 $
6,888,732 Loans, net of unearned interest 3,063,563 2,759,622
Securities 2,879,214 2,955,837 Deposits 5,068,561 4,961,419
Shareholders' equity 828,031 819,922 *T -0- *T CONSOLIDATED BALANCE
SHEETS UMB Financial Corporation
-------------------------------------------------------------------
(all dollars in thousands) (unaudited) September 30, Assets 2005
2004 ----------------------------------------
------------------------- Loans: Commercial, financial and
agricultural $ 1,518,749 $ 1,137,912 Real estate construction
42,259 20,420 Consumer (net of unearned interest) 992,547 992,992
Real estate 788,901 643,542 Leases 5,364 5,028 Allowance for loan
losses (39,715) (45,070) --------------------------- Net loans
3,308,105 2,754,824 Loans held for sale 20,326 22,897 Securities
available for sale: U.S. Treasury and agencies 1,951,885 2,095,339
State and political subdivisions 568,301 417,302 Commercial paper
and other - - --------------------------- Total securities
available for sale 2,520,186 2,512,641 Securities held to maturity:
State and political subdivisions 104,591 220,237 Federal Reserve
Bank stock and other 12,952 8,504 Federal funds and resell
agreements 285,209 354,748 Interest bearing due from banks 1,834
1,834 Trading securities 57,987 76,756 ---------------------------
Total earning assets 6,311,190 5,952,441 Cash and due from banks
396,416 445,006 Bank premises and equipment, net 226,668 220,396
Accrued income 46,291 37,547 Goodwill on purchased affiliates
59,958 58,884 Other intangibles 4,302 5,045 Other assets 43,100
152,943 --------------------------- Total assets $ 7,087,925 $
6,872,262 --------------------------- Liabilities
---------------------------------------- -------------------------
Deposits: Noninterest - bearing demand $ 1,931,580 $ 1,811,368
Interest - bearing demand and savings 2,082,229 2,090,748 Time
deposits under $100,000 714,943 650,361 Time deposits of $100,000
or more 277,989 226,552 --------------------------- Total deposits
5,006,741 4,779,029 Federal funds and repurchase agreements
1,127,111 1,076,140 Short-term debt 18,491 52,680 Long-term debt
39,083 15,744 Accrued expenses and taxes 37,447 20,842 Other
liabilities 28,106 108,277 --------------------------- Total
liabilities 6,256,979 6,052,712 ---------------------------
Shareholders' Equity ----------------------------------------
------------------------- Common stock 27,528 27,528 Capital
surplus 727,987 726,488 Unearned compensation (2,090) - Retained
earnings 333,096 299,084 Accumulated other comprehensive (loss)
(18,573) (4,103) Treasury stock (237,002) (229,447)
--------------------------- Total shareholders' equity 830,946
819,550 --------------------------- Total liabilities and
shareholders' equity $ 7,087,925 $ 6,872,262
--------------------------- *T -0- *T Consolidated Statements of
Income UMB Financial Corporation
----------------------------------------------------------------------
(unaudited, dollars in thousands except share and per share data)
Three Months Ended Nine Months Ended September 30, September 30,
Interest Income 2005 2004 2005 2004 ----------------------
----------------------------------------------- Loans $ 48,081 $
34,906 $ 128,726 $ 99,986 Securities: Taxable Interest 15,043
13,767 46,641 42,665 Tax-exempt interest 5,330 4,673 14,459 14,391
----------------------------------------------- Total securities
income 20,373 18,440 61,100 57,056 Federal funds and resell
agreements 2,382 1,048 5,057 2,708 Trading securities and other 581
616 1,734 1,549 -----------------------------------------------
Total interest income 71,417 55,010 196,617 161,299
----------------------------------------------- Interest Expense
---------------------- Deposits 14,233 6,522 34,480 18,929 Federal
funds and repurchase agreements 7,833 3,026 20,409 7,364 Short-term
debt 108 21 283 109 Long-term debt 518 206 1,309 674
----------------------------------------------- Total interest
expense 22,692 9,775 56,481 27,076
----------------------------------------------- Net interest income
48,725 45,235 140,136 134,223 Provision for loan losses 1,454 1,887
2,954 5,420 ----------------------------------------------- Net
interest income after provision for loan losses 47,271 43,348
137,182 128,803 -----------------------------------------------
Noninterest Income ---------------------- Trust and securities
processing 20,590 18,822 61,056 55,896 Trading and investment
banking 4,004 3,667 13,516 13,682 Service charges on deposits
20,716 18,599 60,210 55,767 Insurance fees and commissions 837 951
2,580 2,840 Brokerage fees 1,515 1,701 4,575 6,042 Bankcard fees
8,592 8,008 24,705 23,440 Other gains, net 4,801 1,837 8,772 1,852
Gain on sale of employee benefit accounts - - 3,600 764 Gains
(loss) on sales of securities available for sale (190) - (223) 141
Other 3,871 3,406 12,176 11,163
----------------------------------------------- Total noninterest
income 64,736 56,991 190,967 171,587
----------------------------------------------- Noninterest Expense
---------------------- Salaries and employee benefits 47,821 47,271
148,232 144,593 Occupancy, net 6,841 6,643 19,728 19,542 Equipment
11,115 11,175 32,843 32,819 Supplies, postage and telephone 5,288
5,461 16,518 16,690 Marketing and business development 3,473 3,825
10,040 11,280 Processing fees 6,233 5,213 17,320 15,514 Legal and
consulting 1,890 1,669 5,613 6,082 Amortization of other
intangibles 185 185 557 556 Other 7,090 5,489 20,311 15,336
----------------------------------------------- Total noninterest
expense 89,936 86,931 271,162 262,412
----------------------------------------------- Income before
income taxes 22,071 13,408 56,987 37,978 Income tax provision 5,900
1,400 15,624 6,798 ------------------------------------------------
Net income $ 16,171 $ 12,008 $ 41,363 $ 31,180
================================================ Per Share Data
---------------------- Net income - Basic $ 0.75 $ 0.55 $ 1.92 $
1.44 Net income - Diluted 0.75 0.55 1.91 1.43 Dividends 0.22 0.21
0.66 0.63 Weighted average shares outstanding 21,513,304 21,664,878
21,579,138 21,675,626
----------------------------------------------- *T -0- *T
Consolidated Statements of Shareholders' Equity (all dollars in
thousands)(unaudited) UMB Financial Corporation
----------------------------------------------------------------------
Accumulated Other Compre- Unearned hensive Common Capital compens-
Retained Income Treasury Stock Surplus ation Earnings (Loss) Stock
Total
----------------------------------------------------------------------
Balance - Jan. 1, 2004 $27,528 $726,405 $ - $281,556 $3,183
$(226,749)$811,923 Compre- hensive income Net income - - 31,180 - -
31,180 Other Comprehensive income, change in unrealized gains
(losses) on securities of $(11,662) net of tax of $4,286; reclass-
ification adjustment included in net income of $141 net of tax
$(51) - - - (7,286) - (7,286) Total ------- comprehensive income
23,894 Cash dividends ($0.63 per share) - - (13,652) - - (13,652)
Purchase of treasury stock - - - - (3,175) (3,175) Sale of treasury
stock - - - - 3 3 Exercise of stock options - 83 - - 474 557
---------------------------------------------------------------
Balance - Sept. 30, 2004 $27,528 $726,488 $ - $299,084 $(4,103)
$(229,447)$819,550
---------------------------------------------------------------
---------------------------------------------------------------
Balance - Jan. 1, 2005 $27,528 $726,595 $ - $305,986 $(10,619)
$(230,308)$819,182 Compre- hensive income Net income - - 41,363 - -
41,363 Other Comprehensive income, change in unrealized gains
(losses) on securities of $(12,618) net of tax of $4,519; reclass-
ification adjustment included in net income of $(223) net of tax
$78 - - - (7,954) - (7,954) Total ------- comprehensive income
33,409 Cash dividends ($0.66 per share) - - (14,253) - - (14,253)
Purchase of treasury stock - - - - (8,506) (8,506) Issuance of
restricted stock 1,140 (2,379) 1,239 - Recognition of restricted
stock compen- sation - - 289 289 Sale of treasury stock - 131 - -
128 259 Exercise of stock options - 121 - - 445 566
----------------------------------------------------------------------
Balance - Sept. 30, 2005 $27,528 $727,987 $(2,090)$333,096
$(18,573) $(237,002)$830,946
----------------------------------------------------------------------
----------------------------------------------------------------------
*T -0- *T Average Balances / Yields and Rates UMB Financial
Corporation
----------------------------------------------------------------------
(tax - equivalent basis) ------------------------- (all dollars in
thousands) (unaudited) Nine Months Ended September 30, 2005 2004
---------------------- ---------------------- Average Average
Average Average Assets Balance Yield/Rate Balance Yield/Rate
---------------------- ---------------------- Loans, net of
unearned interest $3,063,563 5.63 % $2,759,622 4.85 % Securities:
Taxable 2,259,293 2.76 2,336,766 2.44 Tax-exempt 619,921 4.65
619,071 4.73 -------------------- -------------------- Total
securities 2,879,214 3.17 2,955,837 2.92 Federal funds and resell
agreements 213,957 3.16 268,655 1.35 Other earning assets 61,529
3.86 69,236 3.08 -------------------- -------------------- Total
earning assets 6,218,263 4.39 6,053,350 3.73 Allowance for loan
losses (40,621) (44,304) Other assets 848,275 879,686 -----------
----------- Total assets $7,025,917 $6,888,732 -----------
----------- Liabilities and Shareholders' Equity Interest-bearing
deposits $3,182,195 1.45 % $3,098,707 0.82 % Federal funds and
repurchase agreements 1,040,823 2.62 1,025,635 0.96 Borrowed funds
47,991 4.44 35,228 2.97 -------------------- --------------------
Total interest- bearing liabilities 4,271,009 1.77 4,159,570 0.87
Noninterest-bearing demand deposits 1,886,366 1,862,712 Other
liabilities 40,511 46,528 Shareholders' equity 828,031 819,922
----------- ----------- Total liabilities and shareholders' equity
$7,025,917 $6,888,732 ----------- ----------- Net interest spread
2.62 % 2.86 % Net interest margin 3.17 3.13 Three Months Ended
September 30, 2005 2004 ----------------------
---------------------- Average Average Average Average Assets
Balance Yield/Rate Balance Yield/Rate ----------------------
---------------------- Loans, net of unearned interest $3,257,584
5.86 % $2,816,287 4.94 % Securities: Taxable 2,020,836 2.95
2,139,770 2.56 Tax-exempt 661,749 4.75 608,824 4.63
-------------------- -------------------- Total securities
2,682,585 3.40 2,748,594 3.02 Federal funds and resell agreements
259,151 3.65 245,774 1.70 Other earning assets 57,975 4.06 74,188
3.39 -------------------- -------------------- Total earning assets
6,257,295 4.70 5,884,843 3.89 Allowance for loan losses (39,991)
(44,662) Other assets 809,211 844,946 ----------- ----------- Total
assets $7,026,515 $6,685,127 ----------- ----------- Liabilities
and Shareholders' Equity Interest-bearing deposits $3,225,571 1.75
% $3,028,446 0.86 % Federal funds and repurchase agreements 994,099
3.13 981,900 1.23 Borrowed funds 52,320 4.75 22,388 4.03
-------------------- -------------------- Total interest- bearing
liabilities 4,271,990 2.11 4,032,734 0.96 Noninterest-bearing
demand deposits 1,873,330 1,788,181 Other liabilities 49,573 45,023
Shareholders' equity 831,622 819,188 ----------- ----------- Total
liabilities and shareholders' equity $7,026,515 $6,685,126
----------- ----------- Net interest spread 2.59 % 2.92 % Net
interest margin 3.26 3.23 *T -0- *T Selected Financial Data of
Affiliate Banks UMB Financial Corporation
----------------------------------------------------------------------
(all dollars in thousands) September 30, 2005 (unaudited) Loans Net
of Total Unearned Total Shareholder's Missouri Assets Interest
Deposits Equity
----------------------------------------------------------------------
UMB Bank, n.a. $6,160,567 $2,963,321 $4,553,751 $ 548,494 UMB Bank
Warsaw, N.A. 78,688 28,796 58,082 5,551 Colorado
----------------------------------------------------------------------
UMB Bank Colorado, n.a. 479,488 309,093 339,567 36,052 Kansas
----------------------------------------------------------------------
UMB National Bank of America 498,715 179,815 309,349 75,724 Banking
- Related Subsidiaries
----------------------------------------------------------------------
UMB Community Development Corporation UMB Banc Leasing Corp. UMB
Scout Brokerage Services, Inc. UMB Scout Insurance Services, Inc.
UMB Capital Corporation United Missouri Insurance Company UMB Trust
Company of South Dakota Scout Investment Advisors, Inc. UMB Fund
Services, Inc. UMB Consulting Services, Inc. *T -0- *T UMB
Financial Corporation Non-GAAP Reconciliation Schedule (unaudited,
dollars in thousands) The following tables present the
reconciliation of non-GAAP financial measures to reported GAAP
financial measures. Three months ended Nine months ended September
30, September 30, 2005 2004 2005 2004 ---- ---- ---- ----- As
reported
----------------------------------------------------------------------
Net Interest Income after provision $47,271 $43,348 $137,182
$128,803 Noninterest Income 64,736 56,991 190,967 171,587
Noninterest Expense 89,936 86,931 271,162 262,412 Income tax
provision 5,900 1,400 15,624 6,798 Net Income after taxes 16,171
12,008 41,363 31,180 Adjustments
----------------------------------------------------------------------
Noninterest Income Other gains, net 4,801 1,837 8,772 1,852 Gains
on sale of employee benefit accounts - - 3,600 764 Noninterest
Expense Voluntary Separation Plan - - (4,400) -
----------------------------------------------------------------------
Total Adjustments pre-tax 4,801 1,837 7,972 2,616 Less: Income
Taxes 1,728 661 2,870 942 After Tax Adjustments to GAAP 3,073 1,176
5,102 1,674
----------------------------------------------------------------------
Adjusted Net Income $13,098 $10,832 $36,261 $29,506
======================================================================
The above table presents the variation in net income on an as
reported (GAAP) basis and excluding certain unusual gains and
losses relating to the sales and closures of banking facilities,
the sale of employee benefits accounts and the voluntary separation
plan. The press release includes commentary that compares such GAAP
and non-GAAP financial measures. *T
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