UMBF UMB Financial Corporation

UMB Financial Corporation (NASDAQ: UMBF), a Kansas City-based multi-bank holding company, will host a conference call to discuss the company's fourth quarter results on January 25, 2006, at 4 p.m. (CST). At that time, UMB Chairman and CEO Mariner Kemper and Chief Financial Officer Mike Hagedorn will discuss the company's fourth quarter earnings, which were released earlier today and also are included in this announcement. After opening remarks, the company's management intends to have a question-and-answer session limited to analysts. Other audience members, including company investors and media, may participate in the listen-only call mode. Interested parties may access the call by dialing one of the numbers below or logging on to one of the Web sites listed below at least 10 minutes before the start of the call: U.S.: (toll-free) 877-407-8031. International: 201-689-8031. Web: www.vcall.com/IC/CEPage.asp?ID=99067 or visit www.umb.com, investor relations, to access the link to the live call. A replay of the conference call may be heard until February 2, 2006, by calling (U.S.) 877-660-6853 or (international) 201-612-7415. Replay pass codes required for playback are account #: 286, conference ID #: 183584. The call replay may also be accessed via the company's Web site, www.umb.com, by visiting the investor relations area. About UMB Financial Corporation 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 140 banking centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and 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. UMB was named one of Business Week's "Web Smart 50" companies in 2005. The company's fourth quarter earnings announcement follows: UMB FINANCIAL CORPORATION REPORTS FOURTH QUARTER AND YEAR-END RESULTS; 31.5 PERCENT INCREASE IN YEAR-OVER-YEAR EARNINGS UMB Financial Corporation (NASDAQ: UMBF), a Kansas City-based multi-bank holding company, announced earnings of $56.3 million, or $2.61 per share ($2.60 diluted), for the year ended December 31, 2005. This is an increase of $13.5 million, or 31.5 percent, compared to 2004 earnings of $42.8 million, or $1.98 per share ($1.97 diluted). Income was higher due to a 5.1 percent increase in net interest income and a 10.4 percent increase in noninterest income driven both by increases in fee-based revenue as well as net gains on the sales and closures of branches and employee benefit accounts. These revenue increases were offset by a 2.3 percent increase in noninterest expense and a higher effective tax rate in 2005, as compared to 2004. "2005 was a year of growth and improved financial performance for our company," said Mariner Kemper, Chairman and Chief Executive Officer, UMB Financial Corporation. "The 31.5 percent increase in earnings was driven by loan growth, improvements to noninterest income and modest growth in noninterest expense. 2006 will be a year in which we will continue to make investments to position our company for continued growth. Key investments will be made in people, technology and our distribution network." For the year ended December 31, 2005, net interest income increased 5.1 percent to $188.3 million, compared to $179.1 million in 2004, due primarily to higher loan balances and improved yields. Total loans, as of December 31, 2005, increased 18.3 percent from December 31, 2004. Loan interest income was up $40.6 million for the year ended December 31, 2005, or 29.8 percent, compared to 2004. Securities income was up $11.9 million for the 2005 calendar year, or 14.3 percent, compared to 2004. The net interest margin was 3.16 percent for the year ended 2005, compared to 3.10 percent for the same period in 2004. Noninterest income increased $23.8 million for the year ended December 31, 2005, compared to 2004. The increase was primarily due to higher trust and securities processing fees, higher service charges on deposits, net gains on the sales and closures of branches in 2005 and the sale of the employee benefit accounts. Trust and securities processing fees increased primarily due to the 11.3 percent increase in assets under management during 2005. Service charges on deposits increased primarily due to an overdraft protection program implemented in the second half of 2004 and higher per item fees implemented in the second half of 2005. Net gain on the sales and closures of branches was $9.2 million in 2005, as compared to $2.2 million in 2004. Gain on the sale of employee benefit accounts was $3.6 million in 2005, as compared to $1.2 million in 2004. Noninterest expense increased $8.0 million for the year ended December 31, 2005, compared to the same period in 2004. This increase was primarily due to a $4.4 million charge, or 55 percent of the increase in noninterest expense, related to payments under a voluntary separation (early retirement) plan in 2005. The remainder of the increase was primarily due to higher processing fees, bankcard expenses, contributions and overdraft fee charge-offs. Excluding certain adjustments described above (net gains and losses related to the sales and closures of banking facilities, the sale of employee benefit accounts and charges related to the voluntary separation plan) in both years, 2005 net income would have increased approximately 25.3 percent. 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. The effective tax rate was 26.2 percent for 2005, compared to 17.2 percent for 2004. The increase in effective tax rate was a result of a $1.9 million reduction in rehabilitation tax credits from 2004 and net tax-exempt income representing a smaller percentage of total income. In 2005, net tax-exempt income represented approximately 25 percent of pre-tax income as compared to 36.7 percent of pre-tax income in 2004. This had a 4.1 percent impact on the effective tax rate in 2005 as compared to 2004. For the year ended December 31, 2005, average loan balances increased $350 million, or 12.6 percent, to $3.13 billion, compared to $2.78 billion for the same period in 2004. As of December 31, 2005, UMB had total shareholders' equity of $833 million, compared to $819 million at December 31, 2004. The quality of the company's loan portfolio remained high as nonperforming loans at December 31, 2005, totaled $10.3 million, compared to $12.8 million a year earlier. As a percentage of total loans, nonperforming loans decreased to 0.30 percent of loans as of December 31, 2005, compared to 0.45 percent of loans as of December 31, 2004. Nonperforming loans are defined as nonaccrual loans and loans more than 90 days past due. The company's allowance for loan losses totaled $40.8 million, or 1.20 percent of total loans as of December 31, 2005, compared to $42.7 million, or 1.49 percent of total loans, as of December 31, 2004. Fourth-Quarter Results Earnings for the three months ended December 31, 2005, were $15.0 million, or $0.70 per share ($0.69 diluted). This was an increase of $3.3 million, or 28.3 percent, compared to the prior-year fourth-quarter earnings of $11.7 million, or $0.54 per share ($0.54 diluted). "In the fourth quarter we continued to gain momentum in our fee businesses. Our Scout mutual funds benefited from record net flows of $263 million in the fourth quarter and $842 million for the year, more than twice the $305 million of net flows registered in 2004. Additionally, we saw improvements in our mutual fund and hedge fund servicing business, and benefited from re-pricing our treasury management and consumer business," said Peter deSilva, President and Chief Operating Officer. "In 2005, we established the foundation for UMB as one of the top card and account solutions for Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs), and we crossed the threshold of more than $35 million in health savings account deposits." Net interest income for the three months ended December 31, 2005, increased $3.3 million, or 7.3 percent, compared to same period in 2004, due primarily to higher loan balances and yields. Net interest margin was 3.12 percent for the three months ended December 31, 2005, compared to 3.02 percent for the same period in 2004. Noninterest income increased $4.4 million, or 7.8 percent, for the three months ended December 31, 2005, compared to the same period in 2004. The increase was driven primarily by increases in fee-based services, including trust and securities processing, service charges and bankcard fees. Noninterest expense was relatively flat for the three months ended December 31, 2005, compared to the same period in 2004. Decreases in salary and marketing expenses were offset by increases in occupancy expense, processing fees and other expense. Other expense was higher due to increases in bankcard expenses, overdraft fee charge-offs and other operating losses. For the three months ended December 31, 2005, average loan balances increased $485 million, or 17.1 percent, to $3.33 billion, compared to $2.85 billion for the same period in 2004. The company declared its regular quarterly dividend of $0.25 per share to be paid on April 3, 2006, to shareholders of record at of the close of business on March 13, 2006. The company plans to host a conference call to discuss its fourth quarter results on January 25, 2006, at 4 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=99067 or visit 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 Current Report on Form 8-K, any exhibits to this Current Report and other public statements the company may make. While management of UMB believes their assumptions are reasonable, UMB cautions that material changes in interest rates, the equity markets, general economic conditions as they relate to the company's loan and fee-based customers, 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 significant 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. 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 140 banking centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and 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. UMB was named one of Business Week's "Web Smart 50" companies in 2005. -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 Year Ended December 31, December 31, 2005 2004 2005 2004 ------------------- -------------------- Net interest income after provision $45,333 $44,930 $182,515 $173,734 Noninterest income 60,906 56,516 251,873 228,103 Noninterest expense 86,906 87,689 358,069 350,102 Income tax provision 4,378 2,098 20,001 8,896 ------------------- -------------------- Net Income per GAAP income statement $14,955 $11,659 $56,318 $42,839 =================== ==================== Adjustments ------------ Noninterest income Other gains, net on sales and closures of banking facilities $(465) $(333) $(9,237) $(2,185) Gains on sale of employee benefit accounts - (476) (3,600) (1,240) Noninterest expense VSP - - 4,400 - ------------------- -------------------- Total adjustments pre-tax (465) (809) (8,437) (3,425) Less: Income taxes (167) (291) (3,037) (1,233) ------------------- -------------------- After Tax Adjustments to GAAP (298) (518) (5,400) (2,192) ------------------- -------------------- Adjusted Net Income $14,657 $11,141 $50,918 $40,647 =================== ==================== The above table presents the variation in net income on an as reported (GAAP) basis and excluding certain gains and losses related to the sales and closures of banking facilities, the sale of employee benefit accounts and charges related to the voluntary separation plan. The press release includes commentary that compares such GAAP and non-GAAP financial measures. CONSOLIDATED BALANCE SHEETS UMB Financial Corporation ------------------------------------------------------------------- (all dollars in thousands)(unaudited) December 31, Assets 2005 2004 ------ -------------------------- Loans: Commercial, financial and agricultural $ 1,497,496 $ 1,204,628 Real estate construction 47,403 27,205 Consumer (net of unearned interest) 987,770 947,105 Real estate 835,207 661,104 Leases 6,068 5,154 Allowance for loan losses (40,825) (42,723) --------------------------- Net loans 3,333,119 2,802,473 Loans held for sale 19,460 24,028 Securities available for sale: U.S. Treasury and agencies 2,723,718 3,135,997 State and political subdivisions 614,505 452,907 Commercial paper and other - - --------------------------- Total securities available for sale 3,338,223 3,588,904 Securities held to maturity: State and political subdivisions 67,037 166,065 Federal Reserve Bank stock and other 13,260 9,042 Federal funds and resell agreements 426,578 293,599 Interest bearing due from banks 1,834 1,834 Trading securities 58,488 59,920 --------------------------- Total earning assets 7,257,999 6,945,865 Cash and due from banks 599,580 497,427 Bank premises and equipment, net 236,038 226,239 Accrued income 51,848 36,584 Goodwill on purchased affiliates 59,727 59,115 Other intangibles 4,078 4,859 Other assets 38,519 34,917 --------------------------- Total assets $ 8,247,789 $ 7,805,006 --------------------------- Liabilities ----------- Deposits: Noninterest - bearing demand $ 2,051,922 $ 1,993,281 Interest - bearing demand and savings 2,654,637 2,438,419 Time deposits under $100,000 713,249 630,988 Time deposits of $100,000 or more 501,014 325,550 --------------------------- Total deposits 5,920,822 5,388,238 Federal funds and repurchase agreements 1,360,942 1,506,000 Short-term debt 35,091 39,426 Long-term debt 38,471 21,051 Accrued expenses and taxes 39,247 21,530 Other liabilities 19,753 9,579 --------------------------- Total liabilities 7,414,326 6,985,824 --------------------------- Shareholders' Equity -------------------- Common stock 27,528 27,528 Capital surplus 728,108 726,595 Unearned compensation (1,904) - Retained earnings 342,675 305,986 Accumulated other comprehensive income (loss) (21,550) (10,619) Treasury stock (241,394) (230,308) --------------------------- Total shareholders' equity 833,463 819,182 --------------------------- Total liabilities and shareholders' equity $ 8,247,789 $ 7,805,006 --------------------------- 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 2005 2004 2005 2004 --------------- ------------------------------------------------ Loans $ 48,116 $ 36,297 $ 176,842 $ 136,285 Securities: Taxable Interest 18,165 15,081 64,807 57,746 Tax-exempt interest 5,538 4,533 19,996 18,923 ----------------------------------------------- Total securities income 23,703 19,614 84,803 76,669 Federal funds and resell agreements 2,923 1,681 7,980 4,389 Trading securities and other 552 561 2,286 2,111 ----------------------------------------------- Total interest income 75,294 58,153 271,911 219,454 ----------------------------------------------- Interest Expense ---------------- Deposits 17,619 8,130 52,099 27,059 Federal funds and repurchase agreements 8,962 4,799 29,371 12,163 Short-term debt 135 76 418 185 Long-term debt 424 268 1,733 943 ----------------------------------------------- Total interest expense 27,140 13,273 83,621 40,350 ----------------------------------------------- Net interest income 48,154 44,880 188,290 179,104 Provision for loan losses 2,821 (50) 5,775 5,370 ----------------------------------------------- Net interest income after provision for loan losses 45,333 44,930 182,515 173,734 ----------------------------------------------- Noninterest Income ------------------ Trust and securities processing 21,373 19,846 82,430 75,742 Trading and investment banking 4,724 4,233 18,240 17,915 Service charges on deposits 19,210 17,766 79,420 73,533 Insurance fees and commissions 746 646 3,326 3,487 Brokerage fees 1,358 1,689 5,933 7,731 Bankcard fees 8,657 7,995 33,362 31,435 Gains on sales of assets and deposits, net 465 333 9,237 2,185 Gain on sale of employee benefit accounts - 476 3,600 1,240 Gains (loss) on sales of securities available for sale (2) - (225) 141 Other 4,375 3,532 16,550 14,694 ----------------------------------------------- Total noninterest income 60,906 56,516 251,873 228,103 ----------------------------------------------- Noninterest Expense ------------------- Salaries and employee benefits 41,966 45,282 190,197 189,876 Occupancy, net 6,740 6,589 26,468 26,131 Equipment 11,188 10,603 44,031 43,422 Supplies, postage and telephone 5,289 5,577 21,808 22,268 Marketing and business development 3,269 4,026 13,309 15,306 Processing fees 6,274 5,859 23,594 21,372 Legal and consulting 2,965 2,743 8,577 8,825 Bankcard 3,381 2,600 11,608 9,116 Amortization of other intangibles 183 185 740 742 Other 5,651 4,225 17,737 13,044 ----------------------------------------------- Total noninterest expense 86,906 87,689 358,069 350,102 ----------------------------------------------- Income before income taxes 19,333 13,757 76,319 51,735 Income tax provision 4,378 2,098 20,001 8,896 ------------------------------------------------ Net income $ 14,955 $ 11,659 $ 56,318 $ 42,839 ================================================ Per Share Data -------------- Net income- Basic $ 0.70 $ 0.54 $ 2.61 $ 1.98 Net income- Diluted 0.69 0.54 2.60 1.97 Dividends 0.25 0.22 0.91 0.85 Weighted average shares outstanding 21,482,451 21,648,264 21,554,768 21,668,749 ----------------------------------------------- Consolidated Statements of Shareholders' Equity UMB Financial Corporation ---------------------------------------------------------------------- (all dollars in thousands)(unaudited) Accumulated Other Unearned Compre- Common Capital compens- Retained hensive Treasury Stock Surplus ation Earnings Income Stock Total ---------------------------------------------------------------------- Balance - Jan. 1, 2004 $27,528 $726,405 $ - $281,556 $3,183 $(226,749)$811,923 Compre- hensive income Net income - - 42,839 - - 42,839 Other Compre- hensive income, change in unrealized gains (losses) on securities of ($21,958) net of tax of $8,066 and the reclassification adjustment (gains)/losses included in net income of $141 net of tax $51 - - - (13,802) - (13,802) --------- Total comprehensive income 29,037 Cash dividends ($0.85 per share) - - (18,409) - - (18,409) Purchase of treasury stock - - - - (4,411) (4,411) Sale of treasury stock - 30 - - 45 75 Exercise of stock options - 160 - - 807 967 --------------------------------------------------------------- Balance - Dec. 31, 2004 $27,528 $726,595 $ - $305,986 $(10,619) $(230,308)$819,182 --------------------------------------------------------------- Balance - Jan. 1, 2005 $27,528 $726,595 $ - $305,986 $(10,619) $(230,308)$819,182 Compre- hensive income Net income - - 56,318 - - 56,318 Other Comprehensive income, change in unrealized gains (losses) on securities of $(17,344) net of tax of $6,556; reclassification adjustment included in net income of $(225) net of tax $82 - - - (10,931) - (10,931) --------- Total comprehensive income 45,387 Cash dividends ($0.91 per share) - - (19,629) - - (19,629) Purchase of treasury stock - - - - (13,194) (13,194) Issuance of restricted stock 1,140 (2,326) 1,186 - Recognition of restricted stock compen- sation - - 422 422 Sale of treasury stock - 185 - - 168 353 Exercise of stock options - 188 - - 754 942 --------------------------------------------------------------- Balance - Dec. 31, 2005 $27,528 $728,108 $(1,904)$342,675 $(21,550) $(241,394)$833,463 --------------------------------------------------------------- Average Balances / Yields and Rates UMB Financial Corporation ---------------------------------------------------------------------- (tax - equivalent basis) ------------------------------------ (all dollars in thousands)(unaudited) Year Ended December 31, 2005 2004 ----------------------------------------------- Average Average Average Average Assets Balance Yield/Rate Balance Yield/Rate ----------------------------------------------- Loans, net of unearned interest $ 3,130,813 5.66 % $2,781,084 4.91 % Securities: Taxable 2,230,559 2.91 2,351,227 2.46 Tax-exempt 629,576 4.72 615,176 4.67 --------------------- -------------------- Total securities 2,860,135 3.30 2,966,403 2.91 Federal funds and resell agreements 228,177 3.50 280,305 1.57 Other earning assets 60,144 3.91 69,163 3.15 --------------------- -------------------- Total earning assets 6,279,269 4.49 6,096,955 3.76 Allowance for loan losses (40,506) (44,303) Other assets 855,556 875,277 ------------ ------------- Total assets $ 7,094,319 $6,927,929 ------------ ------------- Liabilities and Shareholders' Equity Interest-bearing deposits $ 3,248,695 1.60 % $3,110,432 0.87 % Federal funds and repurchase agreements 1,029,063 2.85 1,050,891 1.16 Borrowed funds 49,368 4.36 36,052 3.13 --------------------- -------------------- Total interest- bearing liabilities 4,327,126 1.93 4,197,375 0.96 Noninterest-bearing demand deposits 1,887,273 1,865,605 Other liabilities 50,508 43,393 Shareholders' equity 829,412 821,556 ------------ ------------- Total liabilities and shareholders' equity $ 7,094,319 $6,927,929 ------------ ------------- Net interest spread 2.56 % 2.80 % Net interest margin 3.16 3.10 Three Months Ended December 31, 2005 2004 ----------------------------------------------- Average Average Average Average Assets Balance Yield/Rate Balance Yield/Rate ----------------------------------------------- Loans, net of unearned interest $ 3,330,371 5.74 % $2,845,004 5.08 % Securities: Taxable 2,145,292 3.36 2,394,293 2.51 Tax-exempt 658,227 4.92 603,574 4.49 --------------------- -------------------- Total securities 2,803,519 3.73 2,997,867 2.91 Federal funds and resell agreements 270,372 4.29 315,003 2.12 Other earning assets 55,186 4.13 68,949 3.35 --------------------- -------------------- Total earning assets 6,459,448 4.79 6,226,823 3.86 Allowance for loan losses (40,163) (44,302) Other assets 863,063 862,149 ------------ ------------- Total assets $ 7,282,348 $7,044,670 ------------ ------------- Liabilities and Shareholders' Equity Interest-bearing deposits $ 3,446,028 2.03 % $3,145,352 1.03 % Federal funds and repurchase agreements 994,165 3.58 1,126,110 1.70 Borrowed funds 53,456 4.15 38,507 3.55 --------------------- -------------------- Total interest- bearing liabilities 4,493,649 2.40 4,309,969 1.23 Noninterest-bearing demand deposits 1,889,964 1,874,220 Other liabilities 65,224 34,059 Shareholders' equity 833,511 826,422 ------------ ------------- Total liabilities and shareholders' equity $ 7,282,348 $7,044,670 ------------ ------------- Net interest spread 2.39 % 2.64 % Net interest margin 3.12 3.02 FOURTH QUARTER 2005 FINANCIAL HIGHLIGHTS UMB Financial Corporation ---------------------------------------------------------------------- (all dollars in thousands, except per share data) (unaudited) Year Ended December 31 2005 2004 -------------------------------------- ---------------------------- Net interest income $ 188,290 $ 179,104 Provision for loan losses 5,775 5,370 Noninterest income 251,873 228,103 Noninterest expense 358,069 350,102 Income before income taxes 76,319 51,735 Net income 56,318 42,839 Net income per share - Basic 2.61 1.98 Net income per share - Diluted 2.60 1.97 Return on average assets 0.79 % 0.62 % Return on average equity 6.79 % 5.21 % Three Months Ended December 31 -------------------------------------- Net interest income $ 48,154 $ 44,880 Provision for loan losses 2,821 (50) Noninterest income 60,906 56,516 Noninterest expense 86,906 87,689 Income before income taxes 19,333 13,757 Net income 14,955 11,659 Net income per share - Basic 0.70 0.54 Net income per share - Diluted 0.69 0.54 Return on average assets 0.81 % 0.66 % Return on average equity 7.12 % 5.61 % At December 31 -------------------------------------- Assets $ 8,247,789 $ 7,805,006 Loans, net of unearned interest 3,393,404 2,869,224 Securities 3,418,520 3,764,011 Deposits 5,920,822 5,388,238 Shareholders' equity 833,463 819,182 Book value per share 38.78 37.85 Market price per share 63.91 56.66 Equity to assets 10.11 % 10.50 % Allowance for loan losses $ 40,825 $ 42,723 As a % of loans 1.20 % 1.49 % Nonaccrual and restructured loans $ 5,439 $ 9,752 As a % of loans 0.16 % 0.34 % Loans over 90 days past due $ 4,829 $ 3,029 As a % of loans 0.14 % 0.11 % Other real estate owned $ - $ - Common shares outstanding 21,490,561 21,641,053 Average Balances Year Ended December 31 -------------------------------------- Assets $ 7,094,319 $ 6,927,929 Loans, net of unearned interest 3,130,813 2,781,084 Securities 2,860,135 2,966,403 Deposits 5,135,968 4,976,037 Shareholders' equity 829,412 821,556 Selected Financial Data of Affiliate Banks UMB Financial Corporation ---------------------------------------------------------------------- (all dollars in thousands)(unaudited) December 31, 2005 Loans Net of Total Unearned Total Shareholder's Missouri Assets Interest Deposits Equity ---------------------------------------------------------------------- UMB Bank, n.a. $7,094,548 $2,855,008 $5,157,828 $ 549,325 UMB Bank Warsaw, N.A. 81,642 29,708 56,326 5,687 Colorado ---------------------------------------------------------------------- UMB Bank Colorado, n. a. 521,345 295,899 417,349 37,012 Kansas ---------------------------------------------------------------------- UMB National Bank of America 600,412 184,936 441,808 76,423 Arizona ---------------------------------------------------------------------- UMB Bank Arizona, n. a. 17,999 16,030 1,849 9,861 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