Selected third quarter financial
highlights:
- Net loans for the three months ended
September 30, 2014 increased 9.2 percent to $7.0 billion compared
to the three months ended September 30, 2013
- Nonperforming loans decreased to 0.46
percent of loans as of September 30, 2014, from 0.48 percent of
loans as of September 30, 2013
- Total assets under management stood at
$42.1 billion as of September 30, 2014, an increase of 7.9 percent
compared to the third quarter of 2013
- Company-wide noninterest income was
59.1 percent of total revenue
- Tier 1 capital ratio remains strong at
13.72 percent
UMB Financial Corporation (Nasdaq: UMBF), a diversified
financial holding company, announced earnings for the three months
ended September 30, 2014 of $35.6 million or $0.79 per share ($0.78
diluted). This is an increase of $1.2 million, or 3.5 percent,
compared to third quarter 2013 earnings of $34.4 million or $0.85
per share ($0.83 diluted). Earnings for the nine months ended
September 30, 2014, were $93.7 million or $2.09 per share ($2.06
diluted) or a decrease of $5.6 million, or 5.6 percent, compared to
the prior year-to-date earnings of $99.3 million or $2.47 per share
($2.44 diluted).
“In the third quarter, UMB delivered sound results against our
business model that emphasizes diverse revenue sources, high
quality credit, a strong balance sheet and low-cost funding,” said
Mariner Kemper, Chairman and Chief Executive Officer. “Noninterest
income growth was diversified across our lines of business,
allowing us to remain well-positioned in the existing low interest
rate environment.
“Average loans and deposits grew, profit margins for our nonbank
segments improved, and total company revenue expanded in the third
quarter, year-over-year,” continued Kemper. “Our strategy to shift
our earning asset mix to loans remains a top priority. Commercial
lending teams in Kansas City, Dallas/Ft. Worth and Phoenix led the
way with loan growth resulting in an average loan-to-deposit ratio
of 55.9 percent for the third quarter compared to 54.4 percent in
the third quarter 2013. Margin was flat on a linked quarter
basis.”
Net Interest Income and
Margin
Net interest income for the third quarter of 2014 increased $2.0
million, or 2.3 percent, compared to the same period in 2013.
Average earning assets increased by $719.9 million, or 5.2 percent,
compared to the third quarter of 2013. This increase was due to a
$578.0 million, or 9.0 percent, increase in average loans, and a
$158.9 million, or 46.4 percent, increase in interest-bearing due
from banks. Net interest margin decreased eight basis points to
2.53 percent for the three months ended September 30, 2014,
compared to the same quarter in 2013.
Noninterest Income and
Expense
Noninterest income increased $4.9 million, or 4.0 percent, for
the three months ended September 30, 2014, compared to the same
period in 2013. This increase is attributable to increased trust
and securities processing income of $5.6 million, or 8.2 percent,
for the three months ended September 30, 2014, compared to the same
period in 2013. The increase in trust and securities processing
income was primarily due to a $4.1 million, or 20.0 percent,
increase in fees related to institutional and personal investment
management services, and a $2.3 million, or 11.1 percent, increase
in fund administration and custody services, offset by a $1.6
million, or 6.6 percent decrease, in advisory fee income from the
Scout Funds. Bankcard fees increased $1.9 million, or 12.7 percent,
due to an increase in interchange income. These increases were
offset by a decrease in gains on sales of securities available for
sale of $1.1 million, a decrease in equity earnings on alternative
investments related to Prairie Capital Management (“PCM”) equity
method investments of $1.4 million, and a decrease in other
noninterest income of $1.2 million for the three months ended
September 30, 2014, compared to the same period in 2013.
In discussing fee businesses, Kemper said, “total assets under
management grew to $42.1 billion, assets under administration
totaled $210.6 billion, and card purchase volume topped $2.1
billion. Our differentiated business model – with more than half of
revenue coming from fee businesses – provides us an enviable
position among our peers and the industry.”
Noninterest expense increased $8.4 million, or 5.5 percent, for
the three months ended September 30, 2014, compared to the same
period in 2013. This increase is driven by higher salaries and
employee benefits expense of $6.3 million due to increases in
salaries and wages of $3.2 million, or 5.9 percent, and an increase
in commissions and bonuses of $3.2 million or 20.3 percent.
Equipment expense increased by $1.2 million, or 9.9 percent, due to
an increase in computer hardware and software expenses.
Balance Sheet
Average total assets for the three months ended September 30,
2014, were $15.6 billion compared to $14.9 billion for the same
period in 2013, an increase of $0.7 billion, or 4.8 percent.
Average earning assets increased by $0.7 billion for the period, or
5.2 percent.
Average loan balances for the three months ended September 30,
2014, increased $578.0 million, or 9.0 percent, to $7.0 billion
compared to the same period in 2013. Actual loan balances on
September 30, 2014, were $7.1 billion, an increase of $0.6 billion,
or 9.2 percent, compared to September 30, 2013. This increase was
primarily driven by an increase in commercial real estate loans of
$171.7 million, or 10.5 percent, an increase in commercial loans of
$162.9 million, or 4.8 percent, and an increase in construction
loans of $123.2 million. Nonperforming loans, defined as nonaccrual
loans and restructured loans, increased to $32.7 million on
September 30, 2014, from $31.3 million on September 30, 2013. As a
percentage of loans, nonperforming loans decreased to 0.46 percent
as of September 30, 2014, compared to 0.48 percent as of September
30, 2013. The company’s allowance for loan losses totaled $77.3
million, or 1.09 percent of loans, as of September 30, 2014,
compared to $74.9 million, or 1.15 percent of loans, as of
September 30, 2013.
For the three months ended September 30, 2014, average
securities, including trading securities, totaled $7.0 billion.
This is a decrease of $31.5 million, or 0.4 percent, from the same
period in 2013.
Average total deposits increased $717.1 million, or 6.1 percent,
to $12.5 billion for the three months ended September 30, 2014,
compared to the same period in 2013. Average noninterest-bearing
demand deposits increased $390.9 million, or 8.4 percent, compared
to 2013. Average interest-bearing deposits increased by $326.2
million, or 4.6 percent, in 2014 as compared to 2013. Total
deposits as of September 30, 2014, were $12.8 billion, compared to
$13.0 billion as of September 30, 2013, a 2.2 percent decrease.
Also, as of September 30, 2014, noninterest-bearing demand deposits
were 42.9 percent of total deposits, compared to 43.2 percent as of
September 30, 2014.
As of September 30, 2014, UMB had total shareholders’ equity of
$1.6 billion, an increase of 10.4 percent as compared to the same
period in 2013.
Year-to-Date
Earnings for the nine months ended September 30, 2014, were
$93.7 million or $2.09 per share ($2.06 diluted). This is a
decrease of $5.6 million, or 5.6 percent, compared to the prior
year-to-date earnings of $99.3 million or $2.47 per share ($2.44
diluted).
Net interest income for the nine months ended September 30,
2014, increased $11.8 million, or 4.8 percent, compared to the same
period in 2013. Average earning assets increased by $1.1 billion,
or 7.7 percent, compared to the same period in 2013. This increase
was due to a $726.0 million, or 11.8 percent, increase in average
loans, and a $354.2 million, or 61.0 percent, increase in
interest-bearing due from banks. Net interest margin decreased
eight basis points to 2.48 percent for the nine months ended
September 30, 2014, compared to the same period in 2013.
Noninterest income increased $27.2 million, or 7.6 percent, to
$383.4 million for the nine months ended September 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 $24.7 million, or 12.7 percent. The increase
in trust and securities processing income was primarily due to a
$10.9 million, or 18.1 percent, increase in fees related to
institutional and personal investment management services, a $6.7
million, or 11.4 percent, increase in fund administration and
custody services, and a $4.8 million, or 7.1 percent, increase in
advisory fee income from the Scout Funds. Additional increases in
noninterest income include a $4.6 million increase in equity
earnings on alternative investments due to unrealized gains on PCM
equity method investments and a $2.9 million, or 28.1 percent,
increase in other noninterest income. The increase in other
noninterest income is driven by a $2.8 million gain on the sale of
a branch property during the first nine months of 2014 compared to
the same period in 2013. These increases were offset by a decrease
in gains on sales of securities available for sale of $4.5 million
in the first nine months of 2014 compared to the same period in
2013.
Noninterest expense increased $46.5 million, or 10.2 percent,
for the nine months ended September 30, 2014, compared to the same
period in 2013. This increase is driven by an increase in salaries
and employee benefits expense of $17.5 million, or 7.0 percent, a
$20.3 million increase in the contingency reserve, and a $5.0
million, or 24.1 percent, increase in other noninterest expense.
Other noninterest expense increased $3.0 million due to fair value
adjustments on contingent consideration liabilities on acquisitions
and $1.3 million due to fair value adjustments on interest rate
swap transactions.
Dividend Declaration
At the company’s quarterly board meeting, the Board of Directors
declared a $0.235 quarterly cash dividend, which represents a 4.4
percent increase compared to the last quarterly dividend, payable
on January 2, 2015, to shareholders of record at the close of
business on December 10, 2014.
Conference Call
The company plans to host a conference call to discuss its 2014
third quarter earnings results on Oct. 29, 2014, at 8:30 a.m.
(CT).
Interested parties may access the call by dialing (toll-free)
888-337-8169 or (U.S.) 719-325-2144 and entering conference
identification number 8835300. The live call can also be accessed
by visiting the investor relations area of umb.com or by using the
following the link:
http://event.on24.com/r.htm?e=861949&s=1&k=BF04BE655704A30A88C6CEEF87C86D48
A replay of the conference call may be heard until Nov. 12,
2014, by calling (toll-free) 888-203-1112 or (U.S.) 719-457-0820.
The replay pass code required for playback is 8835300. 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)
September 30,
Assets
2014 2013 Loans $ 7,103,163 $
6,506,902 Allowance for loan losses (77,316)
(74,938) Net loans 7,025,847
6,431,964 Loans held for sale 1,718 3,033 Investment securities:
Available for sale 6,759,803 6,697,997 Held to maturity 237,961
175,993 Trading securities 31,790 54,994 Federal Reserve Bank Stock
and other 71,192 31,478 Total
investment securities 7,100,746
6,960,462 Federal funds and resell agreements 65,255 54,434
Interest-bearing due from banks 986,428 1,357,881 Cash and due from
banks 395,956 604,592 Bank premises and equipment, net 257,341
247,827 Accrued income 77,263 72,030 Goodwill 209,758 209,758 Other
intangibles 46,966 58,749 Other assets 116,750
183,503 Total assets $ 16,284,028 $ 16,184,233
Liabilities
Deposits: Noninterest-bearing demand $ 5,467,810 $ 5,628,258
Interest-bearing demand and savings 6,324,535 6,248,189 Time
deposits under $100,000 434,863 593,275 Time deposits of $100,000
or more 526,229 571,322 Total deposits
12,753,437 13,041,044 Federal funds and
repurchase agreements 1,711,809 1,527,964 Short-term debt - 211
Long-term debt 7,067 5,130 Accrued expenses and taxes 161,194
130,398 Other liabilities 35,172 15,831
Total liabilities 14,668,679 14,720,578
Shareholders'
Equity
Common stock 55,057 55,057 Capital surplus 891,353 862,153 Retained
earnings 947,664 860,138 Accumulated other comprehensive income
(loss) 1,827 (15,678) Treasury stock (280,552)
(298,015) Total shareholders' equity 1,615,349
1,463,655 Total liabilities and shareholders' equity
$ 16,284,028 $ 16,184,233
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, 2014
2013 2014 2013
Interest
Income
Loans $ 61,636 $ 59,125 $ 180,844 $ 170,459 Securities: Taxable
Interest 18,884 19,017 56,866 56,325 Tax-exempt interest
9,745 10,338 29,450
30,216 Total securities income 28,629 29,355 86,316 86,541 Federal
funds and resell agreements 87 62 166 126 Interest bearing due from
banks 426 276 2,015 1,276 Trading securities 39
278 311 808 Total interest
income 90,817 89,096 269,653
259,210
Interest
Expense
Deposits 3,015 3,097 9,166 10,222 Federal funds and repurchase
agreements 358 385 1,293 1,443 Other (82) 69
53 190 Total interest expense
3,291 3,551 10,512 11,855
Net interest income 87,526 85,545 259,141 247,355 Provision for
loan losses 4,500 6,500 14,000
13,500 Net interest income after provision for loan
losses 83,026 79,045 245,141
233,855
Noninterest
Income
Trust and securities processing 74,062 68,465 218,982 194,263
Trading and investment banking 3,826 3,792 14,558 16,324 Service
charges on deposits 21,634 21,036 63,819 63,441 Insurance fees and
commissions 911 869 2,246 3,066 Brokerage fees 3,276 2,895 8,166
8,727 Bankcard fees 17,121 15,196 49,929 47,666 Gains on sales of
securities available for sale 26 1,140 4,065 8,552 Equity earnings
on alternative investments 2,470 3,876 8,462 3,876 Other
3,149 4,356 13,213 10,311
Total noninterest income 126,475 121,625
383,440 356,226
Noninterest
Expense
Salaries and employee benefits 90,041 83,733 268,454 251,000
Occupancy, net 10,475 10,016 29,885 29,175 Equipment 13,408 12,205
38,991 36,012 Supplies, postage and telephone 4,817 4,761 15,008
14,611 Marketing and business development 6,057 5,536 16,966 15,514
Processing fees 14,085 14,471 42,553 42,854 Legal and consulting
4,496 4,433 12,500 12,877 Bankcard 4,097 4,561 12,782 13,817
Amortization of other intangibles 3,043 3,245 9,219 10,054
Regulatory fees 2,577 2,670 7,802 7,066 Contingency Reserve - -
20,272 - Other 8,365 7,432
25,781 20,772 Total noninterest expense
161,461 153,063 500,213
453,752 Income before income taxes 48,040
47,607 128,368 136,329 Income
tax provision 12,410 13,175
34,653 37,027
Net income $ 35,630 $
34,432 $ 93,715 $ 99,302
Per Share
Data
Net income- Basic $ 0.79 $ 0.85 $ 2.09 $ 2.47 Net income- Diluted
0.78 0.83 2.06 2.44 Dividends 0.225 0.215 0.675 0.645 Weighted
average shares outstanding 44,890,309 40,698,700 44,819,125
40,185,351
Statements of Consolidated
Comprehensive Income (Loss) UMB Financial
Corporation (unaudited, dollars in thousands, except per share
data)
Three MonthsEnded
September 30,
Nine MonthsEnded
September 30,
2014 2013 2014
2013 Net Income $ 35,630 $
34,432 $ 93,715 $ 99,302 Other comprehensive (loss) income, net of
tax: Unrealized (losses) gains on securities: Change in unrealized
holding (losses) gains, net (24,213) 11,694 59,156 (151,721) Less:
Reclassifications adjustment for gains included in net income
(26) (1,140)
(4,065) (8,552) Change in unrealized (losses)
gains on securities during the period (24,239) 10,554 55,091
(160,273) Income tax benefit (expense) 9,165
(4,005) (20,624)
59,007 Other comprehensive (loss) income (15,074)
6,549 34,467
(101,266) Comprehensive income (loss) $ 20,556
$ 40,981 $ 128,182 $ (1,964)
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
Income (Loss)
Stock Total Balance - January 1,
2013 $ 55,057 $ 732,069 $ 787,015 $ 85,588 $ (380,384) $ 1,279,345
Total comprehensive income (loss) - - 99,302 (101,266) - (1,964)
Cash dividends ($0.645 per share) - - (26,179) - - (26,179)
Purchase of treasury stock - - - - (2,551) (2,551) Issuance of
equity awards - (2,189) - - 2,638 449 Recognition of equity based
compensation - 6,319 - - - 6,319 Net tax benefit related to equity
compensation plans - 963 - - - 963 Sale of treasury stock - 367 - -
172 539 Exercise of stock options - 2,916 - - 2,641 5,557 Common
stock issuance - 121,708
- - 79,469
201,177 Balance – September 30, 2013 $ 55,057
$ 862,153 $ 860,138 $ (15,678)
$ (298,015) $ 1,463,655 Balance
- January 1, 2014 $ 55,057 $ 882,407 $ 884,630 $ (32,640) $
(283,389) $ 1,506,065 Total comprehensive income - - 93,715 34,467
- 128,182 Cash dividends ($0.675 per share) - - (30,681) - -
(30,681) Purchase of treasury stock - - - - (3,858) (3,858)
Issuance of equity awards - (2,624) - - 3,114 490 Recognition of
equity based compensation - 7,224 - - - 7,224 Net tax benefit
related to equity compensation plans - 1,507 - - - 1,507 Sale of
treasury stock - 455 - - 244 699 Exercise of stock options -
2,384 -
- 3,337 5,721
Balance – September 30, 2014 $ 55,057 $ 891,353
$ 947,664 $ 1,827 $
(280,552) $ 1,615,349
Average Balances / Yields and Rates
UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Three Months Ended September
30, 2014 2013
Average Average Average Average
Assets Balance Yield/Rate
Balance
Yield/Rate Loans, net of unearned interest $
6,996,363 3.50 % $ 6,418,368 3.65 % Securities: Taxable 4,864,337
1.54 4,835,235 1.56 Tax-exempt 2,128,281 2.80
2,150,108 2.95 Total securities 6,992,618 1.92
6,985,343 1.99 Federal funds and resell agreements 61,161 0.56
46,593 0.53 Interest-bearing due from banks 501,157 0.34 342,307
0.32 Trading securities 24,550 0.95 63,302
1.85 Total earning assets 14,575,849 2.62 13,855,913 2.71
Allowance for loan losses (77,347) (72,792) Other assets
1,139,820 1,140,648 Total assets $ 15,638,322 $ 14,923,769
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 7,444,093 0.16 % $ 7,117,927 0.17 %
Federal funds and repurchase agreements 1,347,665 0.11 1,764,082
0.09 Borrowed funds 5,728 (5.68) 4,688
5.84 Total interest-bearing liabilities 8,797,486 0.15 8,886,697
0.16 Noninterest-bearing demand deposits 5,060,662 4,669,742 Other
liabilities 167,704 107,000 Shareholders' equity 1,612,470
1,260,330 Total liabilities and shareholders' equity $
15,638,322 $ 14,923,769 Net interest spread 2.47 % 2.55 % Net
interest margin 2.53 2.61
Nine Months Ended
September 30, 2014
2013 Average Average Average
Average Assets Balance
Yield/Rate Balance
Yield/Rate Loans, net of unearned interest $
6,858,874 3.53 % $ 6,132,892 3.72 % Securities: Taxable 4,862,439
1.56 4,894,956 1.54 Tax-exempt 2,114,251 2.87
2,086,482 2.99 Total securities 6,976,690 1.96
6,981,438 1.97 Federal funds and resell agreements 40,461 0.55
31,519 0.53 Interest-bearing due from banks 934,532 0.29 580,309
0.29 Trading securities 33,257 1.46 62,470
1.89 Total earning assets 14,843,814 2.57 13,788,628 2.67
Allowance for loan losses (76,100) (71,438) Other assets
1,153,074 1,144,064 Total assets $ 15,920,788 $ 14,861,254
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 7,511,115 0.16 % $ 7,026,963 0.19 %
Federal funds and repurchase agreements 1,534,966 0.11 1,762,087
0.11 Borrowed funds 5,735 1.24 4,888
5.20 Total interest-bearing liabilities 9,051,816 0.16 8,793,938
0.18 Noninterest-bearing demand deposits 5,126,660 4,644,338 Other
liabilities 160,140 145,533 Shareholders' equity 1,582,172
1,277,445 Total liabilities and shareholders' equity $
15,920,788 $ 14,861,254 Net interest spread 2.41 % 2.49 % Net
interest margin 2.48 2.56
THIRD QUARTER 2014 FINANCIAL HIGHLIGHTS
UMB Financial Corporation (unaudited, dollars in
thousands, except share and per share data)
Nine Months
Ended September 30 2014
2013 Net interest income $ 259,141 $ 247,355
Provision for loan losses 14,000 13,500 Noninterest income 383,440
356,226 Noninterest expense 500,213 453,752 Income before income
taxes 128,368 136,329 Net income 93,715 99,302 Net income per share
- Basic 2.09 2.47 Net income per share - Diluted 2.06 2.44 Return
on average assets 0.79 % 0.89 % Return on average equity 7.92 %
10.39 %
Three Months Ended September 30 Net interest
income $ 87,526 $ 85,545 Provision for loan losses 4,500 6,500
Noninterest income 126,475 121,625 Noninterest expense 161,461
153,063 Income before income taxes 48,040 47,607 Net income 35,630
34,432 Net income per share - Basic 0.79 0.85 Net income per share
- Diluted 0.78 0.83 Return on average assets 0.90 % 0.92 % Return
on average equity 8.77 % 10.84 %
At September 30
Assets $ 16,284,028 $ 16,184,233 Loans, net of unearned interest
7,103,163 6,506,902 Securities 7,100,746 6,960,462 Deposits
12,753,437 13,041,044 Shareholders' equity 1,615,349 1,463,655 Book
value per share 35.51 32.85 Market price per share 54.55 54.34
Equity to assets 9.92 % 9.04 % Allowance for loan losses $ 77,316 $
74,938 As a % of loans 1.09 % 1.15 % Nonaccrual and restructured
loans $ 32,662 $ 31,260 As a % of loans 0.46 % 0.48 % Loans over 90
days past due $ 4,678 $ 3,780 As a % of loans 0.07 % 0.06 % Other
real estate owned $ 1,369 $ 1,441 Net loan charge-offs
quarter-to-date $ 3,985 $ 3,209 As a % of average loans 0.23 % 0.20
% Net loan charge-offs year-to-date $ 11,434 $ 9,988 As a % of
average loans 0.22 % 0.22 % Common shares outstanding
45,485,313 44,554,834
Average Balances Nine Months
Ended September 30 Assets $ 15,920,788 $ 14,861,254 Loans, net
of unearned interest 6,858,874 6,132,892 Securities 7,009,947
7,043,908 Deposits 12,637,775 11,671,301 Shareholders' equity
1,582,172 1,277,445
Business Segment
Information UMB Financial
Corporation (unaudited, dollars in thousands)
Three Months Ended September
30, 2014 Bank
PaymentSolutions
InstitutionalInvestmentManagement
AssetServicing
Total Net interest income $ 72,906 $
13,442 $ - $ 1,178 $ 87,526 Provision for loan losses 2,446 2,054 -
- 4,500 Noninterest income 48,385 21,579 33,919 22,592 126,475
Noninterest expense 99,307 22,056
20,910 19,188
161,461 Income before taxes 19,538 10,911
13,009 4,582 48,040 Income tax expense 5,081
2,795 3,350
1,184 12,410 Net income $ 14,457
$ 8,116 $ 9,659 $ 3,398
$ 35,630 Average assets $ 11,639,000 $ 2,823,000 $
74,000 $ 1,102,000 $ 15,638,000
Three Months Ended
September 30, 2013 Bank
PaymentSolutions
InstitutionalInvestmentManagement
AssetServicing
Total Net interest income $ 73,419 $
11,587 $
(11)
$ 550 $ 85,545 Provision for loan losses 1,833 4,667 - - 6,500
Noninterest income 48,945 18,409 33,842 20,429 121,625 Noninterest
expense 93,150 21,658
21,054 17,201
153,063 Income before taxes 27,381 3,671 12,777 3,778 47,607
Income tax expense 6,922 1,283
3,506 1,464
13,175 Net income $ 20,459 $ 2,388
$ 9,271 $ 2,314 $ 34,432
Average assets $ 11,128,000 $ 1,727,000 $ 76,000 $ 1,993,000
$ 14,924,000
Nine Months Ended September 30,
2014 Bank
PaymentSolutions
InstitutionalInvestmentManagement
AssetServicing
Total Net interest income $ 216,508 $ 38,220 $
(3)
$ 4,416 $ 259,141 Provision for loan losses 7,558 6,442 - - 14,000
Noninterest income 151,843 62,998 102,014 66,585 383,440
Noninterest expense 308,013 67,680
68,848 55,672
500,213 Income before taxes 52,780 27,096
33,163 15,329 128,368 Income tax expense 14,326
7,272 8,887
4,168 34,653 Net income $ 38,454
$ 19,824 $ 24,276 $
11,161 $ 93,715 Average assets $ 11,914,000 $
2,350,000 $ 74,000 $ 1,583,000 $ 15,921,000
Nine
Months Ended September 30, 2013 Bank
PaymentSolutions
InstitutionalInvestmentManagement
AssetServicing
Total Net interest income $ 211,238 $
34,327 $
(22)
$ 1,812 $ 247,355 Provision for loan losses 3,770 9,730 - - 13,500
Noninterest income 148,129 56,486 91,550 60,061 356,226 Noninterest
expense 277,226 63,626
58,754 54,146
453,752 Income before taxes 78,371 17,457 32,774 7,727
136,329 Income tax expense 19,629 5,464
8,880 3,054
37,027 Net income $ 58,742 $ 11,993
$ 23,894 $ 4,673 $
99,302 Average assets $ 11,145,000 $ 1,770,000
$
79,000
$ 1,867,000 $ 14,861,000
UMB Financial CorporationMedia Contact:Kelli Christman,
816-860-5088orInvestor Relations Contact:Abby Wendel,
816-860-1685
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