Selected highlights:
- Fourth quarter 2014 earnings of $26.9
million, or $0.59 per diluted share, a decrease of $7.7 million
compared to fourth quarter 2013 earnings
- Equity earnings on alternative
investments decreased $19.6 million in the fourth quarter 2014
compared to the fourth quarter 2013 due largely to mark-to-market
valuations related to Prairie Capital Management investments
- Noninterest income was 55.9 percent of
total revenue for the fourth quarter 2014, down from 61.2 percent
in the fourth quarter 2013
- Full-year 2014 earnings of $120.7
million, or $2.65 per diluted share, a decrease of $13.3 million
compared to full-year 2013 earnings
- Net loans at December 31, 2014
increased 14.6 percent to $7.4 billion compared to December 31,
2013
- Nonperforming loans decreased to 0.37
percent of loans as of December 31, 2014, from 0.47 percent of
loans as of December 31, 2013
- Total assets under management stood at
$42.8 billion as of December 31, 2014, an increase of 3.4 percent
compared to year-end 2013
- Announced agreement to acquire
Marquette Financial Companies to expand our presence in key growth
markets of Phoenix and Dallas
UMB Financial Corporation (Nasdaq: UMBF), a diversified
financial holding company, announced earnings for the three months
ended December 31, 2014, of $26.9 million or $0.60 per share ($0.59
diluted). This is a decrease of $7.7 million, or 22.3 percent,
compared to fourth quarter 2013 earnings of $34.7 million or $0.78
per share ($0.77 diluted). Earnings for the year ended December 31,
2014, were $120.7 million or $2.69 per share ($2.65 diluted) or a
decrease of $13.3 million, or 9.9 percent, compared to the prior
year-end earnings of $134.0 million or $3.25 per share ($3.20
diluted).
“A decrease in equity earnings related to Prairie Capital
Management coupled with the associated contingency reserve in 2014
was a primary cause of the change in net income year-over-year,
masking the strength in our results,” said Mariner Kemper, chairman
and chief executive officer. “All in all, 2014 was another
successful year for UMB. We continue to demonstrate strong business
fundamentals with double-digit, year-over-year loan growth,
excellent credit metrics, diversified revenue streams and strong
customer relationships. We once again hold the top deposit
market-share position in Kansas City, and we are pleased with the
growth across our footprint. Expectations for continuing headwinds
in 2015 only reinforce the value of our differentiated business
model, which is time-tested, and we believe our long-term
performance will continue to set us apart from our peers.”
Net Interest Income and
Margin
Net interest income for the fourth quarter of 2014 increased
$5.0 million, or 5.8 percent, compared to the same period in 2013.
Average earning assets increased by $697.0 million, or 4.8 percent,
compared to the fourth quarter of 2013. This increase was due
largely to an $837.2 million, or 12.9 percent, increase in average
loans and a $177.3 million, or 2.5 percent, increase in average
total securities, including trading securities, offset by a
decrease of $339.7 million, or 37.3 percent, in interest-bearing
due from banks. Net interest margin increased one basis point to
2.52 percent for the three months ended December 31, 2014, compared
to the same period in 2013.
Noninterest Income and
Expense
Noninterest income decreased $20.4 million, or 15.0 percent, for
the three months ended December 31, 2014, compared to the same
period in 2013. This decrease is primarily attributable to a
decrease in equity earnings on alternative investments related to
Prairie Capital Management (PCM) equity method investments of $19.6
million, or 129.7 percent. For the three months ended December 31,
2014, unrealized losses on PCM equity method investments totaled
$4.5 million, compared to unrealized gains of $15.1 million for the
same period last year. In addition, trust and securities processing
income decreased $2.6 million, or 3.7 percent, for the three months
ended December 31, 2014, compared to the same period in 2013. The
decrease in trust and securities processing income was driven by a
$6.7 million, or a 26.2 percent, decrease in advisory fee income
from the Scout Funds, offset by a $1.9 million, or 8.3 percent,
increase in fees related to institutional and personal investment
management services, and a $1.7 million, or 8.3 percent, increase
in fund administration and custody services. Other noninterest
income decreased $2.5 million, or 40.5 percent, for the three
months ended December 31, 2014, compared to the same period in
2013. Bankcard fees increased $3.0 million, or 20.6 percent, due to
an increase in interchange income.
Looking at the fee businesses, Kemper said, “In the fourth
quarter, noninterest income for Scout Investments decreased $5.7
million due largely to the shift in the mix of assets under
management for the fourth quarter 2014 relative to the mix in the
fourth quarter of 2013. AUM for the quarter remained approximately
the same at $31.2 billion, but equity assets were 33 percent of
total AUM in the fourth quarter 2014 compared to 51 percent in the
same period a year ago. In other fee businesses, trust and
securities processing income for Fund Services increased 8.3
percent in the fourth quarter, compared with the same period a year
ago, driven by assets under administration of $198.3 billion as of
December 31, 2014. In Payment Solutions, fourth quarter card
purchase volume was $2.1 billion, driving bankcard fees to $17.3
million.”
Noninterest expense decreased $3.7 million, or 2.2 percent, for
the three months ended December 31, 2014, compared to the same
period in 2013. Processing fees decreased $1.4 million, or 9.6
percent, primarily due to a decrease in fees paid by the advisor to
third-party distributors of the Scout Funds. Other noninterest
expense decreased by $9.7 million, or 64.8 percent, due to a $7.7
million decrease in fair value adjustments on contingent
consideration liabilities. Salaries and employee benefits expense
increased $1.4 million, or 1.6 percent, due to an increase in
salaries and wages of $3.4 million, or 6.2 percent, offset by a
decrease in employee benefits expense of $1.6 million or 11.0
percent. Equipment expense increased by $1.4 million, or 10.8
percent, due to an increase in computer hardware and software
expenses. Bankcard expenses increased $2.2 million, or 49.3
percent, due to an increase in bankcard fraud losses of $1.9
million. Legal and consulting expenses increased $2.1 million, or
35.7 percent. Included in total noninterest expense for the three
month period ended December 31, 2014 is $1.9 million of
acquisition-related expenses, including $1.7 million of legal and
consulting expenses, related to the pending acquisition of
Marquette Financial Companies.
Balance Sheet
Average total assets for the three months ended December 31,
2014, were $16.2 billion compared to $15.5 billion for the same
period in 2013, an increase of $0.7 billion, or 4.5 percent.
Average earning assets increased by $0.7 billion, or 4.8 percent,
for the year.
Average loan balances for the three months ended December 31,
2014, increased $0.8 million, or 12.9 percent, to $7.3 billion
compared to the same period in 2013. Actual loan balances on
December 31, 2014, were $7.5 billion, an increase of $0.9 billion,
or 14.5 percent, compared to December 31, 2013. This increase was
primarily driven by an increase in commercial loans of $512.5
million, or 15.5 percent, an increase in commercial real estate
loans of $164.2 million, or 9.6 percent, an increase in
construction loans of $103.1 million, or 67.5 percent, and an
increase in HELOCs of $77.5 million, or 13.7 percent. Nonperforming
loans, defined as nonaccrual loans and restructured loans,
decreased to $27.4 million on December 31, 2014, from $30.7 million
on December 31, 2013. As a percentage of loans, nonperforming loans
decreased to 0.37 percent as of December 31, 2014, compared to 0.47
percent as of December 31, 2013. The company’s allowance for loan
losses totaled $76.1 million, or 1.02 percent of loans, as of
December 31, 2014, compared to $74.8 million, or 1.15 percent of
loans, as of December 31, 2013.
For the three months ended December 31, 2014, average
securities, including trading securities, totaled $7.2 billion.
This is an increase of $177.3 million, or 2.5 percent, from the
same period in 2013.
Average total deposits increased $151.1 million, or 1.2 percent,
to $12.9 billion for the three months ended December 31, 2014,
compared to the same period in 2013. Average noninterest-bearing
demand deposits increased $500.4 million, or 10.2 percent, compared
to 2013. Average interest-bearing deposits decreased by $349.3
million, or 4.5 percent, in 2014 as compared to 2013. Total
deposits as of December 31, 2014 and 2013 remained the same at
$13.6 billion. Also, as of December 31, 2014, noninterest-bearing
demand deposits were 41.4 percent of total deposits, compared to
38.0 percent as of December 31, 2013.
As of December 31, 2014, UMB had total shareholders’ equity of
$1.6 billion, an increase of 9.1 percent, as compared to December
31, 2013.
Year-to-Date
Earnings for the year ended December 31, 2014, were $120.7
million or $2.69 per share ($2.65 diluted). This is a decrease of
$13.3 million, or 9.9 percent, compared to the prior year-end
earnings of $134.0 million or $3.25 per share ($3.20 diluted).
Net interest income for the year ended December 31, 2014,
increased $16.8 million, or 5.0 percent, compared to the same
period in 2013. Average earning assets increased by $1.0 billion,
or 6.9 percent, compared to the same period in 2013. This increase
was due primarily to a $754.0 million, or 12.1 percent, increase in
average loans, and a $179.3 million, or 27.0 percent, increase in
interest-bearing due from banks. Net interest margin decreased six
basis points to 2.49 percent for the year ended December 31, 2014,
compared to the same period in 2013.
Noninterest income increased $6.9 million, or 1.4 percent, to
$498.7 million for the year ended December 31, 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 $22.1 million, or 8.3 percent. The increase in trust and
securities processing income was primarily due to a $12.8 million,
or 15.4 percent, increase in fees related to institutional and
personal investment management services, and an $8.4 million, or
10.6 percent, increase in fund administration and custody services,
offset by a $1.9 million, or 2.0 percent, decrease in advisory fee
income from the Scout Funds. Bankcard fees increased $5.2 million,
or 8.4 percent, due to increased interchange income. These
increases in noninterest income were offset by a decrease in gains
on sales of securities available for sale of $4.4 million, or 51.7
percent, and a decrease in equity earnings on alternative
investments on PCM equity method investments of $15.1 million, or
79.1 percent, for the year ended December 31, 2014, compared to the
same period in 2013.
Noninterest expense increased $42.7 million, or 6.8 percent, for
the year ended December 31, 2014, compared to the same period in
2013. This increase was driven by an increase in salaries and
employee benefits expense of $18.9 million, or 5.6 percent, an
increase in equipment expense of $4.4 million, or 9.0 percent, and
a $20.3 million contingency reserve. These increases were offset by
a decrease in other noninterest expense of $4.6 million due to a
decline in the fair value adjustments on contingent consideration
liabilities.
Dividend Declaration
At the company’s quarterly board meeting, the Board of Directors
declared a $0.235 per share quarterly cash dividend, payable on
April 1, 2015, to shareholders of record at the close of business
on March 10, 2015.
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. Forward-looking statements often use
words such as “believe,” “expect,” “anticipate,” “intend,”
“estimate,” “project,” “outlook,” “forecast,” “target,” “trend,”
“plan,” “goal,” or other words of comparable meaning or
future-tense or conditional verbs such as “may,” “will,” “should,”
“would,” or “could.” Forward-looking statements convey our
expectations, intentions, or forecasts about future events,
circumstances, results, or aspirations. 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 Annual
Report on Form 10-K, 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)
December 31,
Assets
2014 2013
Loans $ 7,465,794 $ 6,520,512 Allowance for loan losses
(76,140) (74,751) Net loans
7,389,654 6,445,761 Loans held for sale 624
1,357 Investment securities: Available for sale 6,911,936 6,762,411
Held to maturity 278,054 209,770 Trading securities 27,203 28,464
Federal Reserve Bank Stock and other 68,474
50,482 Total investment securities 7,285,667
7,051,127 Federal funds and resell agreements 118,105
87,018 Interest-bearing due from banks 1,539,386 2,093,467 Cash and
due from banks 444,299 521,001 Bank premises and equipment, net
257,835 249,689 Accrued income 79,297 78,216 Goodwill 209,758
209,758 Other intangibles 43,991 55,585 Other assets 132,344
118,873 Total assets $ 17,500,960
$ 16,911,852
Liabilities
Deposits: Noninterest-bearing demand $ 5,643,989 $ 5,189,998
Interest-bearing demand and savings 6,709,281 7,001,126 Time
deposits under $100,000 424,925 491,792 Time deposits of $100,000
or more 838,664 957,850 Total deposits
13,616,859 13,640,766 Federal funds and
repurchase agreements 2,025,132 1,583,218 Short-term debt - 107
Long-term debt 8,810 5,055 Accrued expenses and taxes 180,074
153,450 Other liabilities 26,327 23,191
Total liabilities 15,857,202 15,405,787
Shareholders'
Equity
Common stock 55,057 55,057 Capital surplus 894,602 882,407 Retained
earnings 963,911 884,630 Accumulated other comprehensive income
11,006 (32,640) Treasury stock (280,818)
(283,389) Total shareholders' equity 1,643,758
1,506,065 Total liabilities and shareholders' equity
$ 17,500,960 $ 16,911,852
Consolidated Statements of Income
UMB Financial Corporation (unaudited, dollars in thousands
except share and per share data)
Three Months
Ended Year Ended December 31, December 31,
Interest
Income
2014 2013
2014 2013 Loans $ 64,433 $
59,206 $ 245,278 $ 229,665 Securities: Taxable interest 19,338
18,881 76,204 75,202 Tax-exempt interest 9,759
10,183 39,209 40,399
Total securities income 29,097 29,064 115,413 115,601 Federal funds
and resell agreements 93 67 259 193 Interest-bearing due from banks
510 642 2,525 1,918 Trading securities 85 152
396 964 Total interest
income 94,218 89,131
363,871 348,341
Interest
Expense
Deposits 3,076 2,961 12,242 13,183 Federal funds and repurchase
agreements 323 296 1,616 1,739 Other (95) (40)
(42) 150 Total interest
expense 3,304 3,217
13,816 15,072 Net interest income 90,914
85,914 350,055 333,269 Provision for loan losses 3,000
4,000 17,000
17,500 Net interest income after provision for loan losses
87,914 81,914 333,055
315,769
Noninterest
Income
Trust and securities processing 69,072 71,685 288,054 265,948
Trading and investment banking 4,840 4,317 19,398 20,641 Service
charges on deposits 21,480 20,692 85,299 84,133 Insurance fees and
commissions 765 661 3,011 3,727 Brokerage fees 2,595 2,743 10,761
11,470 Bankcard fees 17,321 14,365 67,250 62,031 Gains on sale of
available for sale securities, net 62 (10) 4,127 8,542 Equity
earnings on alternative investments (4,487) 15,100 3,975 19,048
Other 3,600 6,054 16,813
16,293 Total noninterest income 115,248
135,607 498,688
491,833
Noninterest
Expense
Salaries and employee benefits 90,115 88,691 358,569 339,691
Occupancy, net 10,312 10,116 40,197 39,291 Equipment 14,618 13,195
53,609 49,207 Supplies and services 5,403 5,777 20,411 20,387
Marketing and business development 7,182 7,190 24,148 22,703
Processing fees 13,496 14,936 56,049 57,791 Legal and consulting
7,907 5,826 20,407 18,703 Bankcard 6,812 4,563 19,594 18,381
Amortization of intangible assets 2,974 3,164 12,193 13,218
Regulatory fees 2,643 2,064 10,445 9,129 Contingency reserve - -
20,272 - Other 5,251 14,904
31,032 35,677 Total noninterest expense
166,713 170,426 666,926
624,178 Income before income taxes
36,449 47,095 164,817
183,424 Income tax provision 9,509
12,432 44,162
49,459
Net income $ 26,940 $ 34,663
$
120,655
$
133,965
Per Share
Data
Net income - basic $ 0.60 $ 0.78 $ 2.69 $ 3.25 Net income – diluted
0.59 0.77 2.65 3.20 Dividends 0.235 0.225 0.910 0.870 Weighted
average shares outstanding 44,920,106 44,511,742 44,844,578
41,275,839
Statements of Consolidated
Comprehensive Income
UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2014 2013 2014 2013 Net
Income $ 26,940 $ 34,663 $ 120,655 $ 133,965
Other comprehensive income (loss), net of
tax:
Unrealized gains on securities: Change in unrealized holding gains
(losses), net 14,991 (26,769) 74,147 (178,500)
Less: Reclassifications adjustment for
(gains) lossesincluded in net income
(62) 10 (4,127)
(8,542)
Change in unrealized gains (losses) on
securitiesduring the period
14,929 (26,759) 70,020 (187,042) Income tax (expense) benefit
(5,750) 9,804
(26,374) 68,814 Other comprehensive income
(loss) 9,179 (16,955)
43,646 (118,228) Comprehensive income $
36,119 $ 17,708 $ 164,301
$ 15,737
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 - - 133,965 (118,228) - 15,737 Cash dividends
($0.87 per share) - - (36,350) - - (36,350) Purchase of treasury
stock - - - - (3,501) (3,501) Issuance of equity awards - (1,651) -
- 2,101 450 Recognition of equity based compensation - 7,936 - - -
7,936 Net tax benefit related to equity compensation plans - 1,224
- - - 1,224 Sale of treasury stock - 520 - - 256 776 Exercise of
stock options - 3,986 - - 5,032 9,018 Common Stock Issuance
- 138,323 -
- 93,107 231,430
Balance – December 31, 2013 $ 55,057 $ 882,407
$ 884,630 $ (32,640) $ (283,389)
$ 1,506,065 Balance - January 1, 2014 $ 55,057
$
882,407
$
884,630
$
(32,640)
$
(283,389)
$
1,506,065 Total Comprehensive income - - 120,655 43,646 - 164,301
Cash dividends ($0.91 per share) - - (41,374) - - (41,374) Purchase
of treasury stock - - - - (5,741) (5,741) Issuance of equity awards
- (2,338) - - 2,827 489 Recognition of equity based compensation -
9,172 - - - 9,172 Net tax benefit related to equity compensation
plans - 1,880 - - - 1,880 Sale of treasury stock - 596 - - 340 936
Exercise of stock options - 2,885
- -
5,145 8,030 Balance – December 31, 2014 $
55,057 $ 894,602 $ 963,911
$ 11,006 $ (280,818) $ 1,643,758
Average Balances / Yields and
Rates UMB
Financial Corporation (tax - equivalent basis)
(unaudited, dollars in thousands)
Three
Months Ended December 31, 2014
2013 Average Average Average
Average Assets Balance
Yield/Rate Balance
Yield/Rate Loans, net of unearned interest $
7,320,930 3.49 % $ 6,483,711 3.62 % Securities: Taxable 5,006,800
1.53 4,820,959 1.55 Tax-exempt 2,148,256 2.77
2,148,904 2.91 Total securities 7,155,056 1.91
6,969,863 1.97 Federal funds and resell agreements 73,821 0.50
51,635 0.51 Interest-bearing due from banks 571,921 0.35 911,623
0.28 Trading securities 29,019 1.46 36,888
1.93 Total earning assets 15,150,747 2.61 14,453,720 2.60
Allowance for loan losses (77,527) (75,135) Other assets
1,158,402 1,155,176 Total assets $ 16,231,622 $ 15,533,761
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 7,446,164 0.16 % $ 7,795,495 0.15 %
Federal funds and repurchase agreements 1,535,253 0.08 1,172,917
0.10 Borrowed funds 7,021 (5.37) 5,223
(2.96) Total interest-bearing liabilities 8,988,438 0.15 8,973,635
0.14 Noninterest-bearing demand deposits 5,403,856 4,903,429 Other
liabilities 187,359 142,552 Shareholders' equity 1,651,969
1,514,145 Total liabilities and shareholders' equity $
16,231,622 $ 15,533,761 Net interest spread 2.46 % 2.47 % Net
interest margin 2.52 2.51
Year Ended December
31, 2014 2013
Average Average Average Average
Assets Balance Yield/Rate
Balance
Yield/Rate Loans, net of unearned interest $
6,975,338 3.52 % $ 6,221,318 3.69 % Securities: Taxable 4,898,826
1.56 4,876,304 1.54 Tax-exempt 2,122,822 2.84
2,102,216 2.97 Total securities 7,021,648 1.94
6,978,520 1.97 Federal funds and resell agreements 48,869 0.53
36,589 0.53 Interest-bearing due from banks 843,134 0.30 663,818
0.29 Trading securities 32,189 1.46 56,022
1.90 Total earning assets 14,921,178 2.58 13,956,267 2.66
Allowance for loan losses (76,459) (72,370) Other assets
1,154,174 1,146,865 Total assets $ 15,998,893 $ 15,030,762
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 7,494,744 0.16 % $ 7,220,675 0.18 %
Federal funds and repurchase agreements 1,535,038 0.11 1,613,584
0.11 Borrowed funds 6,059 (0.69) 4,972
3.02 Total interest-bearing liabilities 9,035,841 0.15 8,839,231
0.17 Noninterest-bearing demand deposits 5,196,529 4,709,643 Other
liabilities 166,758 144,781 Shareholders' equity 1,599,765
1,337,107 Total liabilities and shareholders' equity $
15,998,893 $ 15,030,762 Net interest spread 2.43 % 2.49 % Net
interest margin 2.49 2.55
Fourth Quarter 2014
Financial Highlights
UMB Financial Corporation (unaudited,
dollars in thousands, except share and per share data)
Year Ended December 31 2014
2013 Net interest income $ 350,055 $
333,269 Provision for loan losses 17,000 17,500 Noninterest income
498,688 491,833 Noninterest expense 666,926 624,178 Income before
income taxes 164,817 183,424 Net income 120,655 133,965 Net income
per share - Basic 2.69 3.25 Net income per share - Diluted 2.65
3.20 Return on average assets 0.75 % 0.89 % Return on average
equity 7.54 % 10.02 %
Three Months Ended December 31
Net interest income $ 90,914 $ 85,914 Provision for loan losses
3,000 4,000 Noninterest income 115,248 135,607 Noninterest expense
166,713 170,426 Income before income taxes 36,449 47,095 Net income
26,940 34,663 Net income per share - Basic 0.60 0.78 Net income per
share - Diluted 0.59 0.77 Return on average assets 0.66 % 0.89 %
Return on average equity 6.47 % 9.08 %
At December 31
Assets $ 17,500,960 $ 16,911,852 Loans, net of unearned interest
7,465,794 6,520,512 Securities 7,285,667 7,051,127 Deposits
13,616,859 13,640,766 Shareholders' equity 1,643,758 1,506,065 Book
value per share 36.10 33.30 Market price per share 56.89 64.28
Equity to assets 9.39 % 8.91 % Allowance for loan losses $ 76,140 $
74,751 As a % of loans 1.02 % 1.15 % Nonaccrual and restructured
loans $ 27,382 $ 30,706 As a % of loans 0.37 % 0.47 % Loans over 90
days past due $ 3,830 $ 3,218 As a % of loans 0.05 % 0.05 % Other
real estate owned $ 394 $ 1,288 Net loan charge-offs
quarter-to-date $ 4,176 $ 4,187 As a % of average loans
0.23
%
0.26
% Net loan charge-offs year-to-date $ 15,610 $ 14,175 As a % of
average loans
0.22
%
0.23
% Common shares outstanding 45,532,188 45,221,237
Average Balances Year Ended December 31 Assets $
15,998,893 $ 15,030,762 Loans, net of unearned interest 6,975,338
6,221,318 Securities 7,053,837 7,034,542 Deposits 12,691,273
11,930,318 Shareholders' equity 1,599,765 1,337,107
Business Segment Information UMB Financial
Corporation (unaudited, dollars in thousands)
Three Months Ended December 31, 2014
Bank
PaymentSolutions
InstitutionalInvestmentManagement
AssetServicing
Total Net interest income $ 75,862 $ 14,003 $ - $
1,049 $ 90,914 Provision for loan losses 1,617 1,383 - - 3,000
Noninterest income 42,380 21,479 29,212 22,177 115,248 Noninterest
expense 97,070 26,507 23,156 19,980
166,713 Income before taxes 19,555 7,592 6,056 3,246 36,449
Income tax expense 5,158 2,029 1,445
877 9,509 Net income $ 14,397 $ 5,563 $ 4,611 $ 2,369 $
26,940 Average assets $ 12,324,000 $ 2,948,000 $ 72,000 $
888,000 $ 16,232,000
Three Months Ended December
31, 2013 Bank
PaymentSolutions
InstitutionalInvestmentManagement
AssetServicing
Total Net interest income $ 73,874 $ 11,505 $ (10) $
545 $ 85,914 Provision for loan losses 1,765 2,235 - - 4,000
Noninterest income 62,406 17,737 34,892 20,572 135,607 Noninterest
expense 99,080 23,121 29,582 18,643
170,426 Income before taxes 35,435 3,886 5,300 2,474 47,095
Income tax expense 8,918 1,271 1,127
1,116 12,432 Net income $ 26,517 $ 2,615 $ 4,173 $ 1,358 $
34,663 Average assets $ 11,277,000 $ 1,780,000 $ 75,000 $
2,402,000 $ 15,534,000
Year Ended December
31, 2014 Bank
PaymentSolutions
InstitutionalInvestmentManagement
AssetServicing
Total Net interest income $ 292,357
$ 52,251 $ (3) $ 5,450
$ 350,055 Provision for loan losses 9,175 7,825 - -
17,000 Noninterest income 194,223 84,477 131,226 88,762 498,688
Noninterest expense 405,065 94,177 92,008
75,676 666,926 Income before taxes 72,340 34,726
39,215 18,536 164,817 Income tax expense 19,487 9,311
10,331 5,033 44,162 Net income $ 52,853 $
25,415 $ 28,884 $ 13,503 $ 120,655
Average assets $ 12,099,000 $ 2,456,000 $ 72,000 $ 1,372,000 $
15,999,000
Year Ended December 31, 2013 Bank
PaymentSolutions
InstitutionalInvestmentManagement
AssetServicing
Total Net interest income $ 285,112 $
45,832 $ (32) $ 2,357 $ 333,269 Provision for loan losses 5,535
11,965 - - 17,500 Noninterest income 210,535 74,223 126,442 80,633
491,833 Noninterest expense 376,307 86,746
88,336 72,789 624,178 Income before taxes 113,805
21,344 38,074 10,201 183,424 Income tax expense 28,548
6,739 10,002 4,170 49,459 Net income $
85,257 $ 14,605 $ 28,072 $ 6,031 $ 133,965
Average assets $ 11,255,000 $ 1,736,000 $ 77,000 $ 1,963,000 $
15,031,000
UMB Financial CorporationMedia Contact:Kelli Christman,
816-860-5088Kelli.Christman@umb.comorInvestor Relations
Contact:Abby Wendel, 816-860-1685Abigail.Wendel@umb.com
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