UMB Financial Corporation (NASDAQ: UMBF), a Kansas City-based
multi-bank holding company, announced earnings of $14.9 million or
$0.35 per share ($0.35 diluted) for the three months ended June 30,
2006. This is an increase of $1.2 million, or 9.2 percent, compared
to the three months ended June 30, 2005, earnings of $13.6 million,
or $0.32 per share ($0.31 diluted). This is also a 12.9 percent
increase in diluted earnings per share compared to the three months
ended June 30, 2005. The increase in earnings compared to 2005 was
a result of higher net interest income and higher non-interest
income partially offset by higher provision for loan losses and
higher non-interest expense. "Our second quarter earnings
demonstrate UMB's continued success in executing on our growth
strategies," said Mariner Kemper, Chairman and Chief Executive
Officer, UMB Financial Corporation. "While commercial loans
continue to drive our growth with a 15.4 percent increase over the
same quarter last year, our credit card balances also showed a 9.2
percent growth over the second quarter in 2005. We were also
pleased to announce the acquisition of Mountain States Bank in
Denver, a significant step in our plan to complement organic growth
with strategic acquisitions." "Our commitment to growth in our fee
business was evident in the second quarter. Our Healthcare Services
business continues to gain momentum, reporting more than $60
million in bank deposits and mutual fund assets or 111.1 percent
growth over the prior year," said Peter deSilva, President and
Chief Operating Officer. "In addition, we announced the hiring of
Clyde Wendel, a veteran banking and community leader in the Midwest
to drive the growth of our Asset Management business. We also
launched three new key online platforms - Web Exchange(SM),
ClientLink and the new umb.com. Each will help us retain customers,
gain market share and deliver the unparalleled customer
experience." Net Interest Income Net interest income for the second
quarter of 2006 increased $6.4 million compared to the same period
in 2005 due to both an increase in earning asset average balances
and an increase in net interest margin. Net interest margin was
3.43 percent for the second quarter of 2006 compared to 3.28
percent for the same period in 2005, an increase of 4.6 percent.
Compared to the same quarter a year ago, the primary driver of the
13.6 percent increase in net interest income was a $507 million, or
8.4 percent increase in average earning assets primarily from
average loan growth of $448 million, or 14.6 percent. Although net
interest spread decreased by 19 basis points as compared to the
same period in 2005, net interest margin increased by 15 basis
points due to the contribution of non-interest-bearing demand
deposits which made up 34.6 percent of average total deposits.
Non-interest Income and Expense Non-interest income increased $3.2
million, or 5.1 percent, for the three months ended June 30, 2006,
compared to the same period in 2005. This increase was primarily
attributable to increases in trust and securities processing income
as well as bankcard income. These increases were partially offset
by a decrease in deposit service charge income. Trust and
securities processing income increased by $5.0 million, or 25.2
percent, primarily due to a $1.7 billion increase in net assets in
the UMB Scout Funds at June 30, 2006, as compared to June 30, 2005.
Additional increases in trust and securities processing income were
a result of increases in fund administration and custody fees
related to the investment services group segment. The increase in
bankcard income was primarily due to higher interchange fee revenue
resulting from increased card usage. The decrease in deposit
service charges was primarily a result of increased earning credits
on compensating balances, as well as volume decreases related to
corporate customers. Non-interest expense increased by $5.5
million, or 6.1 percent, for the quarter ended June 30, 2006,
compared to the same quarter in 2005. The increase was primarily a
result of increases in equipment, processing fees and other
expense. Other expense was higher due to an increase in operational
charge-offs including overdraft fees. Processing fees increased
primarily due to shareholder servicing and other administrative
fees paid to investment advisors which correlate with the increase
in net assets under management in the Scout Funds. Other increases
in processing fees were attributable to higher network fees for
ATMs and higher fees paid to third-party electronic processors.
Equipment expense increased due to increased depreciation and
amortization expense on computer equipment and software. In the
second quarter of 2006, new online products were introduced
including Web Exchange(SM), an online banking service for
businesses, ClientLink, a customer relationship management software
tool, and an improved umb.com website. Balance Sheet Total assets
were $7.6 billion at June 30, 2006, as compared to $7.0 billion at
June 30, 2005, an increase of $653 million, or 9.4 percent. The
increase in actual balances was driven primarily by a $417 million
increase in loans. Actual loan balances on June 30, 2006, were $3.6
billion, compared to $3.2 billion on June 30, 2005, as follows: -0-
*T Loan by Category June 30, June 30, Percent (in thousands) 2006
2005 Change Change
----------------------------------------------------------------------
Commercial, financial and agricultural $1,662,388 $1,441,047
$221,341 15.4% Real estate construction 52,362 48,023 4,339 9.0%
Consumer 977,150 944,222 32,928 3.5% Real estate 892,036 734,065
157,971 21.5% Leases 5,715 5,565 150 2.7%
---------------------------------------- Total Loans $3,589,651
$3,172,922 $416,729 13.1% ========================================
*T Average total assets for the three months ended June 30, 2006,
were $7.4 billion compared to $6.9 billion for the same period in
2005, an increase of $527 million, or 7.7 percent. The increase in
average assets was mostly due to higher average loan balances.
Average loans and loans held for sale were $3.5 billion for the
second quarter of 2006 compared to $3.1 billion for the same period
in 2005, an increase of $448 million, or 14.6 percent. In addition
to the increase in loans, the mix of loans to overall earning
assets was favorable. Average loans comprised 53.5 percent of the
company's earning asset base for the second quarter of 2006 as
compared to 50.6 percent for the same quarter in 2005. Average
securities were $2.6 billion for the second quarter of 2006
compared to $2.7 billion for the same period in 2005, a decrease of
5.8 percent. This decrease was primarily a result of the
utilization of securities purchased under agreement to resell in
lieu of short-term discount notes related to public funds and
repurchase agreements. Average total deposits increased $477
million, or 9.5 percent, to $5.5 billion for the three months ended
June 30, 2006, compared to the same period in 2005. As of June 30,
2006, UMB had total shareholders' equity of $823 million, as
compared to $827 million at June 30, 2005. The total risk-based
capital ratio was 16.2 percent at June 30, 2006, as compared to
18.5 percent at June 30, 2005. On May 30, 2006, the company's
common stock was split two-for-one. Stockholders received one share
for every share owned. The Board of Directors declared the stock
split April 25, 2006, and the record date was May 16, 2006. All
share and per-share amounts for prior years have been restated to
reflect this stock split. The quality of the company's loan
portfolio remained high as non-performing loans at June 30, 2006,
totaled $13.4 million compared to $13.1 million a year earlier. As
a percentage of total loans, non-performing loans decreased to 0.37
percent of loans as of June 30, 2006, compared to 0.41 percent as
of June 30, 2005. Non-performing loans are defined as non-accrual
loans and loans more than 90 days past due. The company's allowance
for loan losses totaled $42.1 million or 1.17 percent of total
loans as of June 30, 2006, compared to $39.8 million, or 1.25
percent of total loans as of June 30, 2005. Year-to-Date Earnings
for the six months ended June 30, 2006, were $28.1 million, or
$0.66 per share ($0.65 diluted). This is an increase of $2.9
million, or 11.5 percent, compared to the prior year earnings of
$25.2 million, or $0.58 per share ($0.58 diluted). Net interest
income for the year-to-date June 30, 2006, increased $14.3 million,
or 15.7 percent, compared to same period in 2005 due to a higher
margin and higher volume of earning assets. Net interest margin was
3.33 percent for the year-to-date June 30, 2006, compared to 3.12
percent for the same period in 2005. Non-interest income decreased
$0.7 million, or 0.6 percent, for the six months ended June 30,
2006, compared to the same period in 2005. Trust and securities
processing income increased by $7.2 million, or 17.8 percent,
primarily from higher advisory fee income related to increases in
assets under management within the Scout Funds. Bankcard income was
$2.7 million, or 16.7 percent higher than the six months ended June
30, 2005, due to increased activity. These favorable increases were
offset by decreases in deposit service charges and gains recognized
in the prior year. Deposit service charges were lower primarily due
to increases in earnings credits on compensating balances and other
decreases in corporate service charge volume. In 2005, a $3.6
million gain was recognized from the sale of employee benefit
accounts to Marshall & Ilsley Trust Company, n.a. and $3.8
million of gains were recognized in 2005 on the sale of land and
buildings. Non-interest expense increased $5.2 million, or 2.9
percent, for the year-to-date June 30, 2006, compared to the same
period in 2005. Salary expense was $5.4 million, or 5.4 percent,
lower for the six months ended June 30, 2006, as compared to the
same period in 2005. This decrease is primarily a result of $4.4
million in charges during 2005 related to a voluntary separation
plan. Marketing expense was $1.1 million higher, or 16.4 percent,
for the six months ended June 30, 2006, as compared to the same
period in 2005. The increase was attributable to the difference in
timing of deposit and home equity marketing campaigns in 2006 as
compared to 2005. Bankcard expense was greater by $1.3 million, or
23.1 percent, for the six months ended June 30, 2006, as compared
to the prior year. This increase was mostly due to higher rebate
programs to encourage increased usage of the card products.
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, the net income for the first half
of the year would have increased approximately 19.1 percent over
the same period in 2005. A table reconciling GAAP net income for
these items for the quarter and year-to-date is included with this
release. The company declared its regular quarterly dividend of
$0.13 per share to be paid on October 2, 2006, to shareholders of
record as of the close of business on September 11, 2006. The
company plans to host a conference call to discuss its second
quarter results on July 26, 2006, at 4 p.m. (CST). Interested
parties may access the call by dialing U.S. (toll-free)
877-237-8809 or access the following Web link to the live call:
http://audioevent.mshow.com/302334 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 changes in general economic conditions, changes
in interest rates, changes in the securities markets, changes in
operations, changes in competition, technology changes, legislative
or regulatory changes, the ability of customers to repay loans,
changes in loan demand, the ability to integrate acquisitions and
increases in employee costs, 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. About
UMB: UMB Financial Corporation is a multi-bank holding company
headquartered in Kansas City, Mo., offering complete banking and
related financial services to both individual and business
customers nationwide. 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
CONSOLIDATED BALANCE SHEETS UMB Financial Corporation
----------------------------------------------------------------------
(all dollars in thousands) (unaudited) June 30, Assets 2006 2005
------ ---------------------------- Loans $3,589,651 $3,172,922
Allowance for loan losses (42,120) (39,756)
---------------------------- Net loans 3,547,531 3,133,166 Loans
held for sale 20,061 21,852 Investment Securities: Available for
sale 2,511,014 2,601,500 Held to maturity 52,046 121,330 Federal
Reserve Bank stock and other 14,903 13,885 Trading securities
63,785 64,004 ---------------------------- Total investment
securities 2,641,748 2,800,719 Federal funds and resell agreements
560,422 283,780 Cash and due from banks 447,515 368,354 Bank
premises and equipment, net 236,027 225,156 Accrued income 52,193
39,146 Goodwill on purchased affiliates 60,731 59,958 Other
intangibles 6,487 4,488 Other assets 60,117 43,033
---------------------------- Total assets $7,632,832 $6,979,652
---------------------------- Liabilities ----------- Deposits:
Non-interest-bearing demand $2,135,163 $1,956,022 Interest-bearing
demand and savings 2,443,546 2,314,165 Time deposits under $100,000
778,260 594,112 Time deposits of $100,000 or more 394,867 201,399
---------------------------- Total deposits 5,751,836 5,065,698
Federal funds and repurchase agreements 934,109 979,482 Short-term
debt 23,598 23,268 Long-term debt 37,342 38,538 Accrued expenses
and taxes 39,151 32,569 Other liabilities 23,860 13,139
---------------------------- Total liabilities 6,809,896 6,152,694
---------------------------- Shareholders' Equity
-------------------- Common stock 55,057 27,528 Capital surplus
698,485 725,682 Retained earnings 359,868 321,667 Accumulated other
comprehensive loss (37,590) (11,711) Treasury stock (252,884)
(236,208) ---------------------------- Total shareholders' equity
822,936 826,958 ---------------------------- Total liabilities and
shareholders' equity $7,632,832 $6,979,652
---------------------------- *T -0- *T 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 2006 2005 2006 2005 ---------------
------------------------------------------------ Loans $57,541
$42,923 $110,774 $80,645 Securities: Taxable Interest 19,180 14,935
40,932 31,598 Tax-exempt interest 5,841 4,756 11,525 9,128
------------------------------------------------ Total securities
income 25,021 19,691 52,457 40,726 Federal funds and resell
agreements 5,039 1,360 10,127 2,676 Trading securities and other
734 633 1,449 1,153
------------------------------------------------ Total interest
income 88,335 64,607 174,807 125,200
------------------------------------------------ Interest Expense
---------------- Deposits 22,830 10,520 43,592 20,248 Federal funds
and repurchase agreements 11,409 6,345 24,243 12,576 Short-term
debt 171 105 324 174 Long-term debt 416 516 894 791
------------------------------------------------ Total interest
expense 34,826 17,486 69,053 33,789
------------------------------------------------ Net interest
income 53,509 47,121 105,754 91,411 Provision for loan losses 3,075
750 6,234 1,500 ------------------------------------------------
Net interest income after provision for loan losses 50,434 46,371
99,520 89,911 ------------------------------------------------
Non-interest Income ------------------ Trust and securities
processing 24,990 19,968 47,659 40,466 Trading and investment
banking 4,567 4,739 8,680 9,268 Service charges on deposits 19,002
21,517 36,609 39,494 Insurance fees and commissions 1,101 915 2,093
1,743 Brokerage fees 1,600 1,510 3,117 3,060 Bankcard fees 9,860
8,492 18,806 16,114 Other gains, net 574 1,209 596 3,801 Gain on
sale of employee benefit accounts - - - 3,600 Gains (loss) on sales
of securities available for sale 75 (34) 84 (34) Other 3,940 4,218
7,885 8,719 ------------------------------------------------ Total
non-interest income 65,709 62,534 125,529 126,231
------------------------------------------------ Non-interest
Expense ------------------- Salaries and employee benefits 47,796
48,349 95,034 100,410 Occupancy, net 6,802 6,471 13,356 12,888
Equipment 12,348 11,252 23,463 21,728 Supplies, postage and
telephone 5,698 5,681 11,473 11,230 Marketing and business
development 4,022 3,607 7,644 6,568 Accumulated other comprehensive
loss 7,245 5,524 13,555 11,087 Legal and consulting 2,007 1,895
3,656 3,723 Bankcard 3,519 3,090 6,810 5,532 Amortization of other
intangibles 286 186 504 371 Other 5,668 3,846 10,928 7,689
------------------------------------------------ Total non-interest
expense 95,391 89,901 186,423 181,226
------------------------------------------------ Income before
income taxes 20,752 19,004 38,626 34,916 Income tax provision 5,893
5,391 10,526 9,724 ------------------------------------------------
Net income $14,859 $13,613 $28,100 $25,192
================================================ Per-Share Data
-------------- Net income - Basic $0.35 $0.32 $0.66 $0.58 Net
income - Diluted 0.35 0.31 0.65 0.58 Dividends 0.13 0.11 0.26 0.22
Weighted average shares outstanding 42,677,639 43,185,187
42,748,188 43,225,203
------------------------------------------------ *T -0- *T
Consolidated Statements of -------------------------- Shareholders'
Equity UMB Financial Corporation
----------------------------------------------------------------------
(all dollars in thousands)(unaudited) Accumulated Other Compre-
Common Capital Retained hensive Treasury Stock Surplus Earnings
Loss Stock Total
----------------------------------------------------------------------
Balance - Jan. 1, 2005 $27,528 $726,595 $305,986 $(10,619)
$(230,308) $819,182 Comprehensive income Net income - - 25,192 - -
25,192 Change in unrealized losses on securities - - - (1,092) -
(1,092) --------- Total comprehensive income 24,100 Cash dividends
($0.22 per share) - - (9,511) - - (9,511) Purchase of treasury
stock - - - - (7,480) (7,480) Issuance of restricted stock -
(1,223) 1,223 - Recognition of restricted stock compensation 148 0
148 Sale of treasury stock - 83 - - 82 165 Exercise of stock
options - 79 - - 275 354
-------------------------------------------------------- Balance -
June 30, 2005 $27,528 $725,682 $321,667 $(11,711) $(236,208)
$826,958 --------------------------------------------------------
Balance - Jan. 1, 2006 $27,528 $726,204 $342,675 $(21,550)
$(241,394) $833,463 Comprehensive income Net income - - 28,100 - -
28,100 Change in unrealized losses on securities - - - (16,040) -
(16,040) --------- Total comprehensive income 12,060 Cash dividends
($0.26 per share) - - (10,907) - - (10,907) Stock split 2 for 1
27,529 (27,529) - Purchase of treasury stock - - - - (12,616)
(12,616) Issuance of stock awards (758) 908 150 Recognition of
equity based compensation - 428 428 Sale of treasury stock - 117 -
- 85 202 Exercise of stock options - 23 - - 133 156
----------------------------------------------------------------------
Balance - June 30, 2006 $55,057 $698,485 $359,868 $(37,590)
$(252,884) $822,936
----------------------------------------------------------------------
*T -0- *T Average Balances/Yields and Rates UMB Financial
Corporation
----------------------------------------------------------------------
(tax - equivalent basis) ------------------------------------- (all
dollars in thousands)(unaudited) Six Months Ended June 30, 2006
2005 ------------------------------------------ Average Average
Average Average Assets Balance Yield/Rate Balance Yield/Rate
------------------------------------------ Loans, net of unearned
interest $3,457,914 6.47% $2,964,944 5.49% Securities: Taxable
2,112,942 3.91 2,380,496 2.68 Tax-exempt 669,443 5.05 598,662 4.59
-------------------- -------------------- Total securities
2,782,385 4.18 2,979,158 3.06 Federal funds and resell agreements
427,827 4.77 190,985 2.83 Other earning assets 62,680 4.81 66,785
3.58 -------------------- -------------------- Total earning assets
6,730,806 5.40 6,201,872 4.22 Allowance for loan losses (40,844)
(40,941) Other assets 878,423 862,798 ----------- ----------- Total
assets $7,568,385 $7,023,729 ----------- ----------- Liabilities
and Shareholders' Equity Interest-bearing deposits $3,606,346 2.44%
$3,160,147 1.29% Federal funds and repurchase agreements 1,139,005
4.29 1,064,572 2.38 Borrowed funds 53,011 4.63 45,791 4.25
-------------------- -------------------- Total interest-bearing
liabilities 4,798,362 2.90 4,270,510 1.60 Non-interest-bearing
demand deposits 1,885,801 1,892,992 Other liabilities 49,382 34,022
Shareholders' equity 834,840 826,205 ----------- ----------- Total
liabilities and shareholders' equity $7,568,385 $7,023,729
----------- ----------- Net interest spread 2.50% 2.62% Net
interest margin 3.33 3.12 Three Months Ended June 30, 2006 2005
------------------------------------------ Average Average Average
Average Assets Balance Yield/Rate Balance Yield/Rate
------------------------------------------ Loans, net of unearned
interest $3,512,210 6.58% $3,064,017 5.63% Securities: Taxable
1,915,411 4.02 2,130,661 2.81 Tax-exempt 672,360 5.04 617,022 4.60
-------------------- -------------------- Total securities
2,587,771 4.28 2,747,683 3.21 Federal funds and resell agreements
400,226 5.05 171,470 3.18 Accumulated other comprehensive loss
62,772 4.85 72,560 3.61 -------------------- --------------------
Total earning assets 6,562,979 5.56 6,055,730 4.44 Allowance for
loan losses (41,401) (40,403) Other assets 893,992 873,155
----------- ----------- Total assets $7,415,570 $6,888,482
----------- ----------- Liabilities and Shareholders' Equity
Interest-bearing deposits $3,581,602 2.56% $3,094,391 1.36% Federal
funds and repurchase agreements 1,007,869 4.54 964,728 2.64
Borrowed funds 52,685 4.47 55,829 4.46 --------------------
-------------------- Total interest-bearing liabilities 4,642,156
3.01 4,114,948 1.70 Non-interest-bearing demand deposits 1,896,092
1,906,168 Other liabilities 43,521 38,744 Shareholders' equity
833,801 828,622 ----------- ----------- Total liabilities and
shareholders' equity $7,415,570 $6,888,482 ----------- -----------
Net interest spread 2.55% 2.74% Net interest margin 3.43 3.28 *T
-0- *T SECOND QUARTER 2006 FINANCIAL HIGHLIGHTS UMB Financial
Corporation
----------------------------------------------------------------------
(all dollars in thousands, except per-share data) (unaudited) Six
Months Ended June 30, 2006 2005
----------------------------------------------------------------------
Net interest income $105,754 $91,411 Provision for loan losses
6,234 1,500 Non-interest income 125,529 126,231 Non-interest
expense 186,423 181,226 Income before income taxes 38,626 34,916
Net income 28,100 25,192 Net income per share - Basic 0.66 0.58 Net
income per share - Diluted 0.65 0.58 Return on average assets 0.75%
0.72% Return on average equity 6.79% 6.15% Three Months Ended June
30 ------------------------------------ Net interest income $53,509
$47,121 Provision for loan losses 3,075 750 Non-interest income
65,709 62,534 Non-interest expense 95,391 89,901 Income before
income taxes 20,752 19,004 Net income 14,859 13,613 Net income per
share - Basic 0.35 0.32 Net income per share - Diluted 0.35 0.31
Return on average assets 0.80% 0.79% Return on average equity 7.15%
6.59% At June 30 ------------------------------------ Assets
$7,632,832 $6,979,652 Loans, net of unearned interest 3,589,651
3,172,922 Securities 2,641,748 2,800,719 Deposits 5,751,836
5,065,698 Shareholders' equity 822,936 826,958 Book value per share
19.28 19.18 Market price per share 33.34 28.52 Equity to assets
10.78% 11.85% Allowance for loan losses $42,120 $39,756 As a % of
loans 1.17% 1.25% Non-accrual and restructured loans $8,606 $7,146
As a % of loans 0.24% 0.23% Loans over 90 days past due $4,773
$5,945 As a % of loans 0.13% 0.19% Accumulated other comprehensive
loss $40 $- Common shares outstanding 42,684,847 43,117,292 Average
Balances Six Months Ended June 30
------------------------------------ Assets $7,568,385 $7,023,729
Loans and loans held for sale, net of unearned interest 3,457,914
2,964,944 Securities 2,782,385 2,979,158 Deposits 5,492,147
5,053,139 Shareholders' equity 834,840 826,205 *T -0- *T Selected
Financial Data of Affiliate Banks UMB Financial Corporation
----------------------------------------------------------------------
(all dollars in thousands)(unaudited) June 30, 2006 Loans Net of
Total Unearned Total Shareholder's Missouri Assets Interest
Deposits Equity
----------------------------------------------------------------------
UMB Bank, n.a. $6,535,334 $3,003,007 $5,091,140 $539,480 UMB Bank
Warsaw, N.A. 83,381 32,498 61,788 5,656 Colorado
----------------------------------------------------------------------
UMB Bank Colorado, n.a. 525,343 344,661 387,296 38,661 Kansas
----------------------------------------------------------------------
UMB National Bank of America 528,561 198,457 389,343 75,352 Arizona
----------------------------------------------------------------------
UMB Bank Arizona, n.a. 19,057 18,691 1,921 9,733 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. Kansas City Realty
Company Kansas City Financial Corporation UMB Redevelopment
Corporation UMB Realty Company, LLC UMB National Sales Corporation
Grand Distribution Services, LLC UMB Distribution Service, LLC
Warsaw Financial Corporation Accumulated other comprehensive loss
*T -0- *T UMB Financial Corporation Non-GAAP Reconciliation
Schedule (unaudited, dollars in thousands) The following tables
present the reconciliation of non-GAAP financial measures to
reported GAAP financial measures. Three months ended Six months
ended June 30, June 30, 2006 2005 2006 2005
--------------------------------------- Net interest income after
provision $50,434 $46,371 $99,520 $89,911 Non-interest income
65,709 62,534 125,529 126,231 Non-interest expense 95,391 89,901
186,423 181,226 Income tax provision 5,893 5,391 10,526 9,724
--------------------------------------- Net Income After Taxes
14,859 13,613 28,100 25,192 Adjustments ----------- Non-interest
income Other gains, net (574) (1,209) (596) (3,801) Gains on sale
of employee benefit accounts - - - (3,600) Non-interest expense VSP
- - - 4,400 --------------------------------------- Total
adjustments pre-tax (574) (1,209) (596) (3,001) Less: Income taxes
(207) (435) (215) (1,080) ---------------------------------------
After Tax Adjustments to GAAP (367) (774) (381) (1,921)
--------------------------------------- Adjusted Net Income $14,492
$12,839 $27,719 $23,271 ======================================= 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. *T
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