Selected second quarter financial
highlights:
- Average net loans for the three months
ended June 30, 2014 increased 12.0 percent to $6.9 billion compared
to the three months ended June 30, 2013; marks the 17th consecutive
quarter of loan growth
- Nonperforming loans decreased to 0.39
percent of loans as of June 30, 2014, from 0.40 percent of loans as
of June 30, 2013
- Noninterest income increased 18.0
percent from the second quarter of 2013 to $134.0 million;
represents 60.9 percent of total revenue
- Total company assets under management
stood at a record $43.7 billion, an increase of 21.9 percent
compared to the second quarter of 2013
- Tier 1 capital ratio remains strong at
13.81 percent
UMB Financial Corporation (Nasdaq: UMBF), a diversified
financial holding company, announced earnings for the three months
ended June 30, 2014 of $34.7 million or $0.77 per share ($0.76
diluted). This is an increase of $4.7 million, or 15.8 percent,
compared to second quarter 2013 earnings of $29.9 million or $0.75
per share ($0.74 diluted). Earnings for the six months ended June
30, 2014, were $58.1 million or $1.30 per share ($1.28 diluted).
This is a decrease of $6.8 million, or 10.5 percent, compared to
the prior year-to-date earnings of $64.9 million or $1.62 per share
($1.61 diluted).
“As our second quarter results demonstrate, the strength of our
business model relies on diverse revenue sources, high quality
credit, a strong balance sheet and low-cost funding,” said Mariner
Kemper, Chairman and Chief Executive Officer. “Total company assets
under management reached a record high this quarter at $43.7
million. Compared to the same period a year ago, AUM increased 21.9
percent, and over the past five years increased 34.1 percent on a
compound annual growth rate basis. Loan growth continues to be a
driving force behind our success with average net loans increasing
12.0 percent during the second quarter of 2014, as compared to the
second quarter of 2013. This was our 17th consecutive quarter of
loan growth. Finally, noninterest income increased 18.0 percent,
compared to the second quarter 2013, led by revenue growth in our
investment management and asset servicing businesses. Diverse
revenue, loan growth, total cost of funds at 10 basis points, and
excellent credit quality demonstrate that our business model
continues to serve us well.”
Net Interest Income and
Margin
Net interest income for the second quarter of 2014 increased
$3.8 million, or 4.7 percent, compared to the same period in 2013.
Average earning assets increased by $749.3 million, or 5.4 percent,
compared to the second quarter of 2013. This increase was due to a
$739.0 million, or 12.0 percent, increase in average loans. Net
interest margin decreased three basis points to 2.53 percent for
the three months ended June 30, 2014, compared to the same quarter
in 2013.
Noninterest Income and
Expense
Noninterest income increased $20.4 million, or 18.0 percent, for
the three months ended June 30, 2014, compared to the same period
in 2013. This increase is attributable to increased trust and
securities processing income of $9.9 million, or 15.6 percent, for
the three months ended June 30, 2014, compared to the same period
in 2013. The increase in trust and securities processing income was
primarily due to a $3.7 million, or 18.9 percent, increase in fees
related to institutional and personal investment management
services, a $3.1 million, or 16.3 percent, increase in fund
administration and custody services, and a $2.2 million, or 10.0
percent increase, in advisory fee income from the Scout Funds.
Equity earnings on alternative investments increased $3.5 million
due to unrealized gains on Prairie Capital Management (“PCM”)
equity method investments for the three months ended June 30, 2014,
compared to the same period in 2013. Other noninterest income
increased $4.5 million primarily driven by a gain on the sale of a
branch property of $2.8 million and increased fair value
adjustments on interest rate swap transactions of $0.8 million
compared to the same period in 2013.
Noninterest expense increased $16.2 million, or 10.8 percent,
for the three months ended June 30, 2014, compared to the same
period in 2013. This increase is driven by higher salary and
benefits expense of $6.0 million, or 7.1 percent, an increase in
the contingency reserve of $5.3 million, an increase in equipment
expense of $1.0 million, and an increase in other noninterest
expense of $2.1 million. The increase in salary and benefits is due
to increases in salaries and wages of $2.5 million, or 4.7 percent,
a $1.2 million, or 6.7 percent, increase in commissions and
bonuses, and a $2.3 million, or 17.4 percent, increase in employee
benefits expense. The increase of $2.1 million in other noninterest
expense is due to a $0.8 million increase in fair value adjustments
on contingent consideration liabilities and a $0.6 million increase
in fair value adjustments on interest rate swap transactions. On
June 30, 2014, the Company entered into a settlement agreement to
resolve objections to its calculation of the earn-out amount owed
to the sellers of PCM and a related incentive bonus calculation for
the employees of PCM. As of June 30, 2014, an additional $5.3
million of contingency reserve expense was recorded during the
second quarter of 2014 for a total estimated settlement liability
of $20.3 million.
“Our fee-based businesses continue to perform well, resulting in
noninterest income at 60.9 percent of our total revenue,” said
Peter deSilva, President and Chief Operating Officer. “Trust and
securities processing revenue increased 15.6 percent to $73.4
million compared to the second quarter 2013. Scout Investments –
our institutional investment management segment – delivered nearly
half of the increase with 16.6 percent growth in noninterest income
year-over-year. Revenue from our asset servicing business increased
17.7 percent compared to the second quarter 2013. Assets under
management within the bank are now more than $11 billion – also a
record – and asset management-related revenue within the bank
increased 14.2 percent. Within our payment solutions segment,
healthcare deposits increased 36.4 percent compared to the prior
year and healthcare and flexible spending accounts increased more
than 45 percent year-over-year to 4.6 million total accounts.”
Balance Sheet
Average total assets for the three months ended June 30, 2014,
were $15.6 billion compared to $14.9 billion for the same period in
2013, an increase of $0.7 billion, or 5.0 percent. Average earning
assets increased by $0.7 billion for the period, or 5.4
percent.
Average loan balances for the three months ended June 30, 2014,
increased $739.0 million, or 12.0 percent, to $6.9 billion compared
to the same period in 2013. Actual loan balances on June 30, 2014,
were $6.9 billion, an increase of $0.6 billion, or 9.2 percent,
compared to June 30, 2013. This increase was primarily driven by an
increase in commercial loans of $207.5 million, or 6.2 percent, a
$160.2 million, or 10.2 percent, increase in commercial real estate
loans, and a $124.7 million, or 116.4 percent, increase in
construction loans. Nonperforming loans increased to $27.2 million
on June 30, 2014, from $25.5 million on June 30, 2013. As a
percentage of loans, nonperforming loans decreased to 0.39 percent
as of June 30, 2014, compared to 0.40 percent on June 30, 2013.
Nonperforming loans are defined as nonaccrual loans and
restructured loans. The company’s allowance for loan losses totaled
$76.8 million, or 1.11 percent of loans, as of June 30, 2014,
compared to $71.6 million, or 1.13 percent of loans, as of June 30,
2013.
For the three months ended June 30, 2014, average securities,
including trading securities, totaled $7.0 billion. This is a
decrease of $180.4 million, or 2.5 percent, from the same period in
2013.
Average total deposits increased $0.7 billion, or 6.0 percent,
to $12.3 billion for the three months ended June 30, 2014, compared
to the same period in 2013. Average noninterest-bearing demand
deposits increased $516.7 million, or 11.2 percent, compared to
2013. Average interest-bearing deposits increased by $183.2
million, or 2.6 percent, in 2014 as compared to 2013. Total
deposits as of June 30, 2014, were $12.2 billion, compared to $11.7
billion as of June 30, 2013, a 3.8 percent increase. Also, as of
June 30, 2014, noninterest-bearing demand deposits were 44.4
percent of total deposits.
As of June 30, 2014, UMB had total shareholders’ equity of $1.6
billion, an increase of 30.6 percent as compared to the same period
in 2013. This increase is primarily attributable to the common
stock issuance the company completed in September 2013.
“True to our strategy to rotate out of the investment portfolio
and into loans, the increase in interest income in the second
quarter came from loan volume and changes to the earning asset
mix,” said Brian Walker, Chief Financial Officer. “The average
balance of the investment portfolio decreased 2.1 percent
year-over-year. Our bias toward shortening the duration of the
portfolio, combined with the strategy to rotate into loans further
demonstrates our balanced approach toward asset sensitivity while
guarding against a continued, sustained low interest rate
environment. We believe we are well positioned to benefit in a
rising rate environment.”
Year-to-Date
Earnings for the six months ended June 30, 2014, were $58.1
million or $1.30 per share ($1.28 diluted). This is a decrease of
$6.8 million, or 10.5 percent, compared to the prior year-to-date
earnings of $64.9 million or $1.62 per share ($1.61 diluted).
Net interest income for the six months ended June 30, 2014,
increased $9.8 million, or 6.1 percent, compared to the same period
in 2013. Net interest margin decreased to 2.45 percent for the six
months ended June 30, 2014, as compared to 2.53 percent for the
same period in 2013.
Noninterest income increased $22.4 million, or 9.5 percent, to
$257.0 million for the six months ended June 30, 2014, as compared
to the same period in 2013. The increase in noninterest income is
primarily driven by increased trust and securities processing
income of $19.1 million, or 15.2 percent. The increase in trust and
securities processing income was primarily due to a $6.7 million,
or 17.2 percent, increase in fees related to institutional and
personal investment management services, a $6.5 million, or 15.0
percent, increase in advisory fee income from the Scout Funds, and
a $4.5 million, or 11.6 percent, increase in fund administration
and custody services. Additional increases in noninterest income
include a $6.0 million increase in equity earnings on alternative
investments due to unrealized gains on PCM equity method
investments and a $4.1 million, or 69.0 percent increase in other
noninterest income. The increase in other noninterest income is
driven by $2.8 million gain on the sale of a branch property and a
$1.4 million increase in fair value adjustments on interest rate
swap transactions during the first six months of 2014 compared to
the same period in 2013. These increases were offset by a decrease
in trading and investment banking income of $1.8 million and a
decrease in gains on securities available for sale of $3.4 million
in the first six months of 2014 compared to the same period in
2013.
Noninterest expense increased $38.1 million, or 12.7 percent,
for the six months ended June 30, 2014, compared to the same period
in 2013. This increase is driven by an increase in salary and
employee benefit expense of $11.1 million, or 6.7 percent, and a
$20.3 million increase in the contingency reserve. As noted above,
$20.3 million of contingency reserve has been recognized in 2014 in
conjunction with the settlement agreement entered into on June 30,
2014, to resolve the PCM dispute. Of this amount $15.0 million was
recognized in the first quarter of 2014 and $5.3 million was
recognized in the second quarter of 2014.
Dividend Declaration
The Board of Directors declared during the company’s quarterly
board meeting a $0.225 quarterly cash dividend, payable on October
1, 2014, to shareholders of record at the close of business on
September 10, 2014.
Conference Call
The company plans to host a conference call to discuss its 2014
second quarter earnings results on July 23, 2014, at 9:30 a.m.
(CDT).
Interested parties may access the call by dialing (toll-free)
800-524-8950 or (U.S.) 416-260-0113. The live call can also be
accessed by visiting the investor relations area of
umbfinancial.com or by using the following the link:
http://event.on24.com/r.htm?e=816187&s=1&k=2C36A678B70F9F90A5C30FBBFC76E890
A replay of the conference call may be heard until August 8,
2014, by calling (toll-free) 888-203-1112 or (U.S.) 719-457-0820.
The replay pass code required for playback is conference
identification number 5599321. The call replay may also be accessed
via the company's website umb.com by visiting the investor
relations area.
Forward-Looking
Statements:
This release contains, and our other communications may contain,
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements can be
identified by the fact that they do not relate strictly to
historical or current facts. All forward-looking statements are
subject to assumptions, risks, and uncertainties, which may change
over time and many of which are beyond our control. You should not
rely on any forward-looking statement as a prediction or guarantee
about the future. Our actual future objectives, strategies, plans,
prospects, performance, condition, or results may differ materially
from those set forth in any forward-looking statement. Some of the
factors that may cause actual results or other future events,
circumstances, or aspirations to differ from those in
forward-looking statements are described in our Annual Report on
Form 10-K for the year ended December 31, 2013, our subsequent
Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or
other applicable documents that are filed or furnished with the
SEC. Any forward-looking statement made by us or on our behalf
speaks only as of the date that it was made. We do not undertake to
update any forward-looking statement to reflect the impact of
events, circumstances, or results that arise after the date that
the statement was made. You, however, should consult further
disclosures (including disclosures of a forward-looking nature)
that we may make in any subsequent Quarterly Report on Form 10-Q,
Current Report on Form 8-K, or other applicable document that is
filed or furnished with the SEC.
About UMB:
UMB Financial Corporation (Nasdaq: UMBF) is a diversified
financial holding company headquartered in Kansas City, Mo.,
offering complete banking services, payment solutions, asset
servicing and institutional investment management to customers. UMB
operates banking and wealth management centers throughout Missouri,
Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas.
Subsidiaries of the holding company include companies that offer
services to mutual funds and alternative-investment entities and
registered investment advisors that offer equity and fixed income
strategies to institutions and individual investors. For more
information, visit umb.com, umbfinancial.com, blog.umb.com or
follow us on Twitter at @UMBBank, Facebook at facebook.com/UMBBank
and LinkedIn at linkedin.com/company/umb-bank.
CONSOLIDATED BALANCE SHEETS
UMB Financial Corporation (unaudited, dollars in
thousands)
June 30,
Assets
2014 2013 Loans $
6,920,683 $ 6,338,921 Allowance for loan losses (76,802 )
(71,647 ) Net loans 6,843,881
6,267,274 Loans held for sale 3,156
6,693 Investment securities: Available for sale 6,700,623 6,944,358
Held to maturity 238,799 160,328 Trading securities 26,484 47,996
Federal Reserve Bank Stock and other 67,527
25,955 Total investment securities
7,033,433 7,178,637 Federal
funds and resell agreements 82,652 66,973 Interest-bearing due from
banks 255,453 607,470 Cash and due from banks 639,878 415,489 Bank
premises and equipment, net 250,655 246,300 Accrued income 73,805
71,817 Goodwill 209,758 209,758 Other intangibles 49,888 61,994
Other assets 120,131 120,812
Total assets $ 15,562,690 $ 15,253,217
Liabilities
Deposits: Noninterest-bearing demand $ 5,399,733 $ 4,887,643
Interest-bearing demand and savings 5,754,573 5,801,388 Time
deposits under $100,000 442,361 509,412 Time deposits of $100,000
or more 577,622 531,307
Total deposits 12,174,289
11,729,750 Federal funds and repurchase agreements 1,607,294
2,157,979 Short-term debt - 514 Long-term debt 5,745 4,063 Accrued
expenses and taxes 131,996 117,916 Other liabilities 42,024
16,523 Total liabilities
13,961,348 14,026,745
Shareholders'
Equity
Common stock 55,057 55,057 Capital surplus 887,086 736,456 Retained
earnings 922,268 834,445 Accumulated other comprehensive income
(loss) 16,901 (22,227 ) Treasury stock (279,970 )
(377,259 ) Total shareholders' equity
1,601,342 1,226,472 Total
liabilities and shareholders' equity $ 15,562,690
$ 15,253,217
Consolidated Statements of Income
UMB Financial Corporation (unaudited, dollars in
thousands except share and per share data)
Three
Months Ended Six Months Ended June 30, June
30,
Interest
Income
2014 2013
2014 2013 Loans $ 60,309
$ 56,615 $ 119,209 $ 111,335 Securities: Taxable interest 19,021
18,841 37,982 37,305 Tax-exempt interest 9,798
10,118 19,705 19,877
Total securities income 28,819 28,959 57,687 57,182 Federal funds
and resell agreements 46 40 79 64 Interest-bearing due from banks
466 330 1,589 1,000 Trading securities 149 268
272 533 Total interest
income 89,789 86,212
178,836 170,114
Interest
Expense
Deposits 3,092 3,333 6,151 7,125 Federal funds and repurchase
agreements 454 491 935 1,058 Other 73 61
135 121 Total interest
expense 3,619 3,885 7,221
8,304 Net interest income 86,170 82,327
171,615 161,810 Provision for loan losses 5,000
5,000 9,500 7,000
Net interest income after provision for loan losses 81,170
77,327 162,115
154,810
Noninterest
Income
Trust and securities processing 73,357 63,486 144,920 125,798
Trading and investment banking 6,409 5,423 10,732 12,532 Service
charges on deposits 20,627 20,882 42,185 42,405 Insurance fees and
commissions 732 1,236 1,335 2,198 Brokerage fees 3,075 2,886 4,890
5,832 Bankcard fees 17,185 16,032 32,808 32,470 Gains on sale of
securities available for sale, net 2,569 1,519 4,039 7,412 Equity
earnings on alternative investments 3,462 - 5,992 - Other 6,585
2,121 10,064
5,954 Total noninterest income 134,001
113,585 256,965
234,601
Noninterest
Expense
Salaries and employee benefits 89,532 83,566 178,413 167,268
Occupancy, net 9,705 9,273 19,410 19,160 Equipment 12,920 11,873
25,583 23,807 Supplies and services 5,554 5,362 10,191 9,849
Marketing and business development 6,307 5,705 10,909 9,977
Processing fees 14,817 14,293 28,468 28,383 Legal and consulting
4,632 4,844 8,004 8,445 Bankcard 4,997 4,709 8,685 9,257
Amortization of intangible assets 3,074 3,354 6,176 6,809
Regulatory fees 2,709 2,484 5,225 4,395 Contingency reserve 5,272 -
20,272 - Other 6,992 4,848
17,416 13,339 Total noninterest expense
166,511 150,311 338,752 300,689 Income before income taxes
48,660 40,601 80,328 88,722 Income tax provision 13,988
10,672 22,243
23,852
Net income $ 34,672 $ 29,929
$ 58,085 $ 64,870
Per Share
Data
Net income - basic $ 0.77 $ 0.75 $ 1.30 $ 1.62 Net income – diluted
0.76 0.74 1.28 1.61 Dividends 0.225 0.215 0.450 0.430 Weighted
average shares outstanding 44,823,370 39,966,869 44,782,944
39,924,423
Statements of Consolidated
Comprehensive Income (Loss) UMB Financial
Corporation (unaudited, dollars in thousands, except per share
data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2014 2013 2014
2013 Net Income $ 34,672 $
29,929 $ 58,085 $ 64,870 Other comprehensive income (loss), net of
tax: Unrealized gains (losses) on securities: Change in unrealized
holding gains (losses), net 50,910 (136,367 ) 83,369 (163,415 )
Less: Reclassifications adjustment for gains included in net income
(2,569 ) (1,519 )
(4,039 ) (7,412 ) Change in unrealized gains
(losses) on securities during the period 48,341 (137,886 ) 79,330
(170,827 ) Income tax (benefit) expense (18,143 )
52,087 (29,789 )
63,012 Other comprehensive income (loss)
30,198 (85,799 )
49,541 (107,815 ) Comprehensive
income (loss) $ 64,870 $ (55,870 )
$ 107,626 $ (42,945 )
Consolidated Statements of
Shareholders' Equity
UMB Financial Corporation (unaudited, dollars in
thousands, except per share data)
Accumulated
Other Common Capital Retained
Comprehensive Treasury Stock
Surplus Earnings
(Loss) Income
Stock Total
Balance - January 1, 2013 $ 55,057 $ 732,069 $ 787,015 $ 85,588 $
(380,384 ) $ 1,279,345 Total comprehensive income (loss) - - 64,870
(107,815 ) - (42,945 ) Cash dividends ($0.43 per share) - - (17,440
) - - (17,440 ) Purchase of treasury stock - - - - (1,750 ) (1,750
) Issuance of equity awards - (2,466 ) - - 2,916 450
Recognition of equity
based compensation
- 4,096 - - - 4,096
Net tax benefit related to
equity compensation plans
- 503 - - - 503 Sale of treasury stock - 198 - - 104 302 Exercise
of stock options - 2,056
- -
1,855 3,911 Balance –
June 30, 2013 $ 55,057 $ 736,456
$ 834,445 $ (22,227 ) $ (377,259
) $ 1,226,472 Balance - January 1, 2014
$ 55,057 $ 882,407 $ 884,630 $ (32,640 ) $ (283,389 ) $ 1,506,065
Total comprehensive income - - 58,085 49,541 - 107,626 Cash
dividends ($0.45 per share) - - (20,447 ) - - (20,447 ) Purchase of
treasury stock - - - - (3,165 ) (3,165 ) Issuance of equity awards
- (3,395 ) - - 3,865 470
Recognition of equity
based compensation
- 4,733 - - - 4,733
Net tax benefit related to
equity compensation plans
- 1,202 - - - 1,202 Sale of treasury stock - 300 - - 159 459
Exercise of stock options - 1,839
- -
2,560 4,399
Balance – June 30, 2014 $ 55,057 $ 887,086
$ 922,268 $ 16,901
$ (279,970 ) $ 1,601,342
Average Balances / Yields and Rates
UMB Financial
Corporation (tax - equivalent basis)
(unaudited, dollars in thousands)
Three Months
Ended June 30, 2014
2013 Average Average Average
Average Assets Balance
Yield/Rate Balance
Yield/Rate Loans, net of unearned interest $
6,897,840 3.51 % $ 6,158,821 3.69 % Securities: Taxable 4,836,080
1.58 4,978,109 1.52 Tax-exempt 2,104,368 2.88
2,113,009 2.97 Total securities 6,940,448 1.97
7,091,118 1.95 Federal funds and resell agreements 32,692 0.56
28,524 0.56 Interest-bearing due from banks 619,094 0.30 432,588
0.31 Trading securities 36,785 1.80 66,482
1.79 Total earning assets 14,526,859 2.63
13,777,533 2.67 Allowance for loan losses (75,929 ) (70,004 ) Other
assets 1,167,262 1,167,899 Total assets
$ 15,618,192 $ 14,875,428
Liabilities and Shareholders' Equity Interest-bearing
deposits $ 7,126,614 0.17 % $ 6,943,399 0.19 % Federal funds and
repurchase agreements 1,592,986 0.11 1,848,118 0.11 Borrowed funds
5,771 5.07 4,592 5.33
Total interest-bearing liabilities 8,725,371 0.17 8,796,109 0.18
Noninterest-bearing demand deposits 5,152,980 4,636,240 Other
liabilities 154,229 153,227 Shareholders' equity 1,585,612
1,289,852 Total liabilities and shareholders'
equity $ 15,618,192 $ 14,875,428 Net interest spread
2.46 % 2.49 % Net interest margin 2.53 2.56
Six
Months Ended June 30, 2014
2013 Average Average Average
Average Assets Balance
Yield/Rate Balance
Yield/Rate Loans, net of unearned interest $
6,788,991 3.54 % $ 5,987,788 3.75 % Securities: Taxable 4,861,475
1.58 4,925,312 1.53 Tax-exempt 2,107,119 2.90
2,054,141 3.02 Total securities 6,968,594 1.98
6,979,453 1.97 Federal funds and resell agreements 29,939 0.53
23,858 0.54 Interest-bearing due from banks 1,154,811 0.28 701,282
0.29 Trading securities 37,682 1.63 62,048
1.92 Total earning assets 14,980,017 2.55
13,754,429 2.65 Allowance for loan losses (75,466 ) (70,750 ) Other
assets 1,160,124 1,145,799 Total assets
$ 16,064,675 $ 14,829,478
Liabilities and Shareholders' Equity Interest-bearing
deposits $ 7,545,182 0.16 % $ 6,980,728 0.21 % Federal funds and
repurchase agreements 1,630,169 0.12 1,761,074 0.12 Borrowed funds
5,738 4.74 4,989 4.89
Total interest-bearing liabilities 9,181,089 0.16 8,746,791 0.19
Noninterest-bearing demand deposits 5,160,206 4,631,425 Other
liabilities 156,608 165,117 Shareholders' equity 1,566,772
1,286,145 Total liabilities and shareholders'
equity $ 16,064,675 $ 14,829,478 Net interest spread
2.39 % 2.46 % Net interest margin 2.45 2.53
SECOND QUARTER 2014 FINANCIAL
HIGHLIGHTS UMB Financial
Corporation (unaudited, dollars in thousands, except share and
per share data)
Six Months Ended June 30
2014 2013
Net interest income $ 171,615 $ 161,810 Provision for loan losses
9,500 7,000 Noninterest income 256,965 234,601 Noninterest expense
338,752 300,689 Income before income taxes 80,328 88,722 Net income
58,085 64,870 Net income per share - Basic 1.30 1.62 Net income per
share - Diluted 1.28 1.61 Return on average assets 0.73 % 0.88 %
Return on average equity 7.48 % 10.17 %
Three Months
Ended June 30 Net interest income $ 86,170 $ 82,327 Provision
for loan losses 5,000 5,000 Noninterest income 134,001 113,585
Noninterest expense 166,511 150,311 Income before income taxes
48,660 40,601 Net income 34,672 29,929 Net income per share - Basic
0.77 0.75 Net income per share - Diluted 0.76 0.74 Return on
average assets 0.89 % 0.81 % Return on average equity 8.77 % 9.31 %
At June 30 Assets $ 15,562,690 $ 15,253,217 Loans,
net of unearned interest 6,920,683 6,338,921 Securities 7,033,433
7,178,637 Deposits 12,174,289 11,729,750 Shareholders' equity
1,601,342 1,226,472 Book value per share 35.21 30.20 Market price
per share 63.39 55.67 Equity to assets 10.29 % 8.04 % Allowance for
loan losses $ 76,802 $ 71,647 As a % of loans 1.11 % 1.13 %
Nonaccrual and restructured loans $ 27,175 $ 25,489 As a % of loans
0.39 % 0.40 % Loans over 90 days past due $ 4,522 $ 4,013 As a % of
loans 0.07 % 0.06 % Other real estate owned $ 1,455 $ 3,573 Net
loan charge-offs quarter-to-date $ 3,713 $ 3,234 As a % of average
loans 0.22 % 0.21 % Net loan charge-offs year-to-date $ 7,449 $
6,779 As a % of average loans 0.22 % 0.23 % Common shares
outstanding 45,475,197 40,610,316
Average Balances
Six Months Ended June 30 Assets $ 16,064,675 $ 14,829,478
Loans, net of unearned interest 6,788,991 5,987,788 Securities
7,006,276 7,041,501 Deposits 12,705,388 11,612,153 Shareholders'
equity 1,566,772 1,286,145
Business Segment
Information UMB Financial Corporation (unaudited,
dollars in thousands)
Three Months
Ended June 30, 2014 Bank
PaymentSolutions
InstitutionalInvestmentManagement
AssetServicing
Total Net interest income $ 72,481
$ 12,390 $ (1 ) $ 1,300 $
86,170 Provision for loan losses 2,686 2,314 - - 5,000 Noninterest
income 56,006 21,219 33,999 22,777 134,001 Noninterest expense
100,928 24,603 22,111 18,869
166,511 Income before taxes 24,873 6,692 11,887 5,208 48,660
Income tax expense 7,211 1,910 3,375
1,492 13,988 Net income $ 17,662 $ 4,782 $ 8,512
$ 3,716 $ 34,672 Average assets $ 12,008,000 $
2,148,000 $ 69,000 $ 1,393,000 $ 15,618,000
Three
Months Ended June 30, 2013
Bank
PaymentSolutions
InstitutionalInvestmentManagement
AssetServicing
Total
Net interest income $ 70,558 $ 11,192 $ (10 ) $ 587 $ 82,327
Provision for loan losses 1,628 3,372 - - 5,000 Noninterest income
46,436 18,640 29,155 19,354 113,585 Noninterest expense
92,540 21,850 18,856 17,065
150,311 Income before taxes 22,826 4,610 10,289 2,876 40,601 Income
tax expense 6,035 1,203 2,708
726 10,672 Net income $ 16,791 $ 3,407 $ 7,581 $
2,150 $ 29,929 Average assets $ 11,201,000 $ 1,793,000 $
80,000 $ 1,801,000 $ 14,875,000
Six Months
Ended June 30, 2014 Bank
PaymentSolutions
InstitutionalInvestmentManagement
AssetServicing
Total Net interest income $ 143,602
$ 24,778 $ (3 ) $ 3,238
$ 171,615 Provision for loan losses 5,112 4,388 - -
9,500 Noninterest income 103,425 41,453 68,094 43,993 256,965
Noninterest expense 208,671 45,631 47,998
36,452 338,752 Income before taxes 33,244
16,212 20,093 10,779 80,328 Income tax expense 9,242
4,485 5,523 2,993 22,243 Net income $
24,002 $ 11,727 $ 14,570 $
7,786
$ 58,085 Average assets $ 12,204,000 $ 2,023,000 $ 71,000 $
1,767,000 $ 16,065,000
Six Months Ended June 30, 2013
Bank
PaymentSolutions
InstitutionalInvestmentManagement
AssetServicing
Total Net interest income $ 137,818 $
22,740 $ (10 ) $ 1,262 $ 161,810 Provision for loan losses 1,937
5,063 - - 7,000 Noninterest income 99,184 38,077 57,708 39,632
234,601 Noninterest expense 184,076 41,968
37,700 36,945 300,689 Income before taxes
50,989 13,786 19,998 3,949 88,722 Income tax expense 13,740
3,737 5,376 999 23,852 Net
income $ 37,249 $ 10,049 $ 14,622 $ 2,950 $ 64,870
Average assets $ 11,294,000 $ 1,726,000 $ 78,000 $ 1,731,000 $
14,829,000
UMB Financial CorporationMedia Contact:Kelli Christman,
816-860-5088orInvestor Relations Contact:Abby Wendel,
816-860-1685
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