UMB Financial Corporation (NASDAQ: UMBF): Full-year selected
financial highlights Net interest income increased 15.4 percent Net
interest margin increased 22 basis points Average loans increased
14.3 percent Assets under management increased 23 percent and
surpass $10 billion UMB Financial Corporation (NASDAQ: UMBF), a
Kansas City-based multi-bank holding company, announced earnings of
$59.8 million or $1.40 per share ($1.40 diluted) for the year ended
December 31, 2006. This is an increase of $3.4 million, or 6.1
percent, compared to 2005 earnings of $56.3 million, or $1.31 per
share ($1.30 diluted). Revenue was higher due to a 15.4 percent
increase in net interest income and a 1.2 percent increase in
noninterest income. These revenue increases were partially offset
by a 6.5 percent increase in noninterest expense. Adjusted net
income in 2006 would have increased approximately 16.4 percent over
2005, excluding certain adjustments (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. A table reconciling GAAP net income
for these items for the quarter and year-to-date is included with
this release. �2006 has once again been a year of solid growth and
improved financial performance. Loans grew 14.3 percent on an
average basis and both our net interest income and margin expanded
in a very challenging rate environment,� said Mariner Kemper,
Chairman and CEO, UMB Financial Corporation. �Our strong finish to
2006 gives us a great deal of momentum heading into 2007. We
believe the disciplined implementation of our growth strategies
will continue to yield positive results, and should lead to further
margin improvement as well as balance sheet and fee income growth
in 2007.� �Trust and card services continue to be the big drivers
of growth in fee income,� said Peter deSilva, President and Chief
Operating Officer. �We are pleased with the performance of our
Asset Management Division as we passed $10 billion in assets under
management. Our UMB Scout Funds performed well adding $684 million
in net flows during the year. Our Retail Division grew home equity
lines of credit 48 percent year-over-year thanks to a strong
product offering. Finally, our healthcare services business grew
deposits and assets 76 percent year-over-year. We remain committed
to maintaining our leadership position in the healthcare services
industry.� Net Interest Income Net interest income increased $28.9
million, or 15.4 percent, for the year ended December 31, 2006,
compared to 2005, due primarily to higher average earning assets
and greater net interest margin. For the year ended December 31,
2006, there was a $477.4 million, or 7.6 percent increase in
average earning assets mostly from average loan growth of $448.9
million, or 14.3 percent. The contribution from noninterest-bearing
demand deposits, which made up 33.5 percent of average total
deposits, increased in 2006 as compared to 2005. This benefit from
free funds improved net interest margin by 29 basis points. This
benefit was partially offset by a 7 basis point decrease in net
interest spread as the cost of interest-bearing liabilities
increased by a greater amount than the yield on earning assets.
Overall, net interest margin increased by 22 basis points for the
year ended December 31, 2006, as compared to 2005. Noninterest
Income and Expense Noninterest income increased by $3.1 million, or
1.2 percent, for the year ended December 31, 2006 compared to 2005.
The increase was primarily attributable to increases in trust and
securities processing income and bankcard fees. Trust and
securities processing income increased by $15.8 million, or 19.2
percent, in 2006 as compared to 2005 primarily from higher advisory
fee income related to increases in assets under management within
the UMB Scout Funds. Assets under management, including the UMB
Scout Funds, increased to $10.1 billion in 2006, or 23.1 percent,
primarily due to net flows into the UMB Scout Funds and increases
in market values. Bankcard fees were $5.4 million or 16.2 percent
higher in 2006 than in 2005 from increased interchange fee income
due to greater card activity. Offsetting these 2006 revenue
increases were net gains recognized in 2005, but not in 2006. In
2005, there were $9.2 million of net gains recognized related to
the sale and closure of banking facilities. Additionally, there was
a net gain of $3.6 million recognized on the sale of employee
benefit accounts in 2005. Noninterest expense increased $23.3
million, or 6.5 percent, for the year ended December 31, 2006
compared to 2005. Categories of noninterest expense with the most
significant increases were equipment, processing fees, salaries and
employee benefits, bankcard, marketing and business development.
Equipment expense increased mostly due to expenses related to
significant investments in computer hardware and software including
Web ExchangeSM, an online banking service for businesses,
ClientLink, a customer relationship management software tool and an
enhanced umb.com website. Processing fees increased primarily due
to shareholder servicing and other administrative fees paid to
investment advisors which directly correlate with the increase in
net assets under management in the UMB Scout Funds. Salaries and
employee benefits increased primarily due to increases in
equity-based compensation as a result of new accounting rules
adopted in 2006, an increase in the company match for 401(k) and
profit sharing and an increase in the cost of benefits. These
increases were partially offset by a reduction in salary expense
from the prior year as a result of a $4.4 million charge in 2005
for the voluntary separation plan. Bankcard expenses were higher
mostly due to an enhanced consumer rebate program which corresponds
to the increased usage of the consumer bankcard product. Balance
Sheet Average total assets for the year ended December 31, 2006
were $7.6 billion compared to $7.1 billion for 2005, an increase of
$488.9 million, or 6.9 percent. Average earning assets increased by
$477.4 million, or 7.6 percent. In addition to the increase in
earning assets, the mix of higher yielding loans to overall earning
assets was favorable. Average loans comprised 53.0 percent of the
company�s earning asset base for 2006 as compared to 49.9 percent
for 2005. For the twelve months ended December 31, 2006, average
loans were $3.6 billion compared to $3.1 billion for 2005, an
increase of 14.3 percent. Actual loan balances on December 31, 2006
were $3.8 billion, compared to $3.4 billion on December 31, 2005.
Loan balances by category are as follows: Loan by Category (in
thousands) December 31, 2006 December 31, 2005 Change Percent
Change Commercial, financial and agricultural $1,564,793�
$1,497,496� $67,297� 4.5% Real estate construction 84,141� 47,403�
36,738� 77.5% Consumer 982,325� 987,770� (5,445) -0.6% Real estate
1,116,405� 835,207� 281,198� 33.7% Leases 5,781� � 6,068� � (287) �
-4.7% Total Loans $3,753,445� � $3,373,944� � $379,501� � 11.2%
Nonperforming loans at December 31, 2006 totaled $6.6 million
compared to $5.4 million a year earlier. As a percentage of total
loans, nonperforming loans were 0.17 percent of loans as of
December 31, 2006 compared to 0.16 percent at December 31, 2005.
Nonperforming loans are defined as nonaccrual loans and
restructured loans. The company�s allowance for loan losses totaled
$44.9 million, or 1.20 percent of total loans as of December 31,
2006, compared to $40.8 million, or 1.21 percent of total loans as
of December 31, 2005. Average securities were $2.7 billion for 2006
compared to $2.9 billion for 2005, a decrease of $117.8 million, or
4.1 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
customer repurchase agreements. The average balance of securities
purchased under agreement to resell increased by $99.1 million in
2006 compared to 2005. Average total deposits increased $352.8
million, or 6.9 percent, to $5.5 billion for the twelve months
ended December 31, 2006, compared to the same period in 2005. The
increase in deposits came primarily from time deposits and money
market accounts as a result of targeted marketing campaigns during
2006. Average time deposit accounts increased by $247.0 million, or
26.1 percent, for the twelve months ended December 31, 2006 as
compared to 2005. Average money market accounts increased by $186.2
million, or 22.3 percent, in 2006 as compared to 2005. Total
deposits as of December 31, 2006 were $6.3 billion, compared to
$5.9 billion at December 31, 2005. As of December 31, 2006, UMB had
total shareholders� equity of $848.9 million, a 1.9 percent
increase from the prior year. Fourth Quarter Results Earnings for
the three months ended December 31, 2006 were $15.8 million, or
$0.37 per share ($0.37 diluted). This was an increase of $0.8
million, or 5.7 percent compared to the fourth quarter of 2005
earnings of $15.0 million, or $0.35 per share ($0.35 diluted). Net
interest income for the three months ended December 31, 2006
increased $8.5 million, or 17.6 percent, compared to the same
period in 2005 due primarily to higher average earning assets and
an increase in net interest margin. Average earning assets
increased by $445.1 million, or 6.9 percent, to $6.9 billion for
the three months ended December 31, 2006 as compared to the same
period in 2005. Net interest margin was 3.41 percent for the
quarter ended December 31, 2006 compared to 3.12 percent for the
same quarter in 2005. Noninterest income increased $4.1 million, or
6.7 percent, for the three months ended December 31, 2006 compared
to the same period in 2005. Trust and securities processing income
increased by $4.2 million, or 19.5 percent, primarily from higher
advisory fee income related to increases in assets under management
within the UMB Scout Funds. Bankcard income was $1.4 million, or
15.6 percent higher than the three months ended December 31, 2005
due to increased interchange fee income. These increases were
partially offset by decreases in service charges on deposits and
other income. The decrease in deposit service charge income is
mostly attributable to increases in earnings credits on
compensating balances. Noninterest expense increased $11.8 million,
or 13.6 percent, for the quarter ending December 31, 2006 compared
to the same period in 2005. The increase was primarily a result of
an increase in salaries and employee benefits, as well as increases
in equipment expense and processing fees. The significant increase
in salary expense was primarily related to a 6.8 percent increase
in base salaries for the fourth quarter of 2006 as compared to
2005, primarily related to the addition of Mountain States Bank,
acquired in the third quarter of 2006. Other increases are
attributable to a higher equity-based compensation expense, a
higher company match and contribution to the 401(k) and profit
sharing plan and an increase in the costs associated with the
self-funded health insurance plan. Equipment expense increased
primarily due to hardware and software costs associated with major
projects placed in service during 2006. Processing fees increased
primarily due to shareholder servicing and other administrative
fees paid to investment advisors which directly correlate with
higher trust fee income due to the increase in net assets under
management in the UMB Scout Funds. The company plans to host a
conference call to discuss its year-end and fourth quarter results
on January 24, 2007, at 8:30 a.m. (CST). Interested parties may
access the call by dialing U.S. (toll-free) 800-218-0713, or access
the following Web link to the live call:
http://w.on24.com/r.htm?e=34909&s=1&k=
4CA8D115B67167B3178D9F436B441A67 (Due to its length, this URL may
need to be copied/pasted into your Internet browser's address
field.��Remove the extra space if one exists.), or visit
www.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. Any forward-looking statements
should be read in conjunction with information about risks and
uncertainties set forth in the company�s Securities and Exchange
Commission reports, including its annual report and Form 10-K for
the year ended December 31, 2005. 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 Schedule 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, asset
management and related financial services to both individual and
business customers nationwide. Its banking subsidiaries own and
operate 139 banking centers throughout Missouri, Kansas, Illinois,
Colorado, 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. CONSOLIDATED BALANCE SHEETS UMB Financial Corporation
(all dollars in thousands) (unaudited) December 31, Assets � 2006�
� 2005� � Loans $ 3,753,445� $ 3,373,944� Allowance for loan losses
� (44,926) � (40,825) Net loans 3,708,519� 3,333,119� Loans held
for sale 14,120� 19,460� Investment Securities: Available for sale
3,238,648� 3,323,198� Held to maturity 44,781� 67,037� Federal
Reserve Bank stock and other 15,490� 15,094� Trading securities �
64,534� � 58,488� Total investment securities 3,363,453� 3,463,817�
Federal funds and resell agreements 848,922� 426,578� Cash and due
from banks 531,188� 599,580� Bank premises and equipment, net
243,216� 236,038� Accrued income 57,313� 51,848� Goodwill on
purchased affiliates 93,723� 59,727� Other intangibles 19,309�
4,078� Other assets � 38,002� � 53,544� Total assets $ 8,917,765� $
8,247,789� � � Liabilities Deposits: Noninterest - bearing demand $
2,293,096� $ 2,051,922� Interest - bearing demand and savings
2,644,125� 2,654,637� Time deposits under $100,000 799,003�
713,249� Time deposits of $100,000 or more � 572,740� � 501,014�
Total deposits 6,308,964� 5,920,822� Federal funds and repurchase
agreements 1,620,945� 1,360,942� Short-term debt 17,881� 35,091�
Long-term debt 38,020� 38,471� Accrued expenses and taxes 52,381�
39,247� Other liabilities � 30,699� � 19,753� Total liabilities �
8,068,890� � 7,414,326� � Shareholders' Equity Common stock 55,057�
27,528� Capital surplus 699,794� 726,204� Retained earnings
380,464� 342,675� Accumulated other comprehensive loss (17,259)
(21,550) Treasury stock � (269,181) � (241,394) Total shareholders'
equity � 848,875� � 833,463� Total liabilities and shareholders'
equity $ 8,917,765� $ 8,247,789� 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 � 2006� � 2005� � 2006� � 2005�
Loans $ 65,424� $ 48,116� $ 238,356� $ 176,842� Securities: Taxable
Interest 23,605� 18,165� 85,585� 64,807� Tax-exempt interest 6,060�
� 5,538� � 23,448� � 19,996� Total securities income 29,665�
23,703� 109,033� 84,803� Federal funds and resell agreements 3,960�
2,923� 19,112� 7,980� Trading securities and other 553� � 552� �
2,582� � 2,286� Total interest income 99,602� � 75,294� � 369,083�
� 271,911� � Interest Expense Deposits 27,312� 17,619� 96,889�
52,099� Federal funds and repurchase agreements 15,146� 8,962�
52,832� 29,371� Short-term debt 190� 135� 619� 418� Long-term debt
313� � 424� � 1,519� � 1,733� Total interest expense 42,961� �
27,140� � 151,859� � 83,621� Net interest income 56,641� 48,154�
217,224� 188,290� Provision for loan losses 1,000� � 2,821� �
8,734� � 5,775� Net interest income after provision for loan losses
55,641� � 45,333� � 208,490� � 182,515� � Noninterest Income Trust
and securities processing 25,551� 21,373� 98,250� 82,430� Trading
and investment banking 4,755� 4,622� 18,192� 17,787� Service
charges on deposits 18,408� 19,210� 73,598� 79,420� Insurance fees
and commissions 807� 746� 3,956� 3,326� Brokerage fees 1,602�
1,358� 6,228� 5,933� Bankcard fees 10,009� 8,657� 38,759� 33,362�
Gains on sales of assets and deposits, net 384� 465� 793� 9,237�
Gain on sale of employee benefit accounts -� -� 0� 3,600� Gains
(loss) on sales of securities available for sale (3) (2) 117� (225)
Other 3,499� � 4,477� � 15,052� � 17,003� Total noninterest income
65,012� � 60,906� � 254,945� � 251,873� � Noninterest Expense
Salaries and employee benefits 50,052� 41,966� 193,980� 190,197�
Occupancy, net 7,488� 6,740� 27,776� 26,468� Equipment 12,882�
11,188� 48,968� 44,031� Supplies, postage and telephone 5,817�
5,289� 22,805� 21,808� Marketing and business development 3,190�
3,269� 14,835� 13,309� Processing fees 7,601� 6,274� 28,292�
23,594� Legal and consulting 2,440� 2,965� 8,175� 8,577� Bankcard
3,610� 3,381� 13,831� 11,608� Amortization of other intangibles
731� 183� 1,600� 740� Other 4,917� � 5,651� � 21,155� � 17,737�
Total noninterest expense 98,728� � 86,906� � 381,417� � 358,069� �
Income before income taxes 21,925� 19,333� 82,018� 76,319� Income
tax provision � 6,124� � 4,378� � 22,251� � 20,001� Net income $
15,801� $ 14,955� $ 59,767� $ 56,318� Per Share Data Net income -
Basic $ 0.37� $ 0.35� $ 1.40� $ 1.31� Net income - Diluted 0.37�
0.35� 1.40� 1.30� Dividends 0.13� 0.13� 0.52� 0.46� Weighted
average shares outstanding 42,349,000� � 42,964,902� � 42,592,960�
� 43,109,536� Consolidated Statements of Shareholders' Equity UMB
Financial Corporation (all dollars in thousands) (unaudited) � �
Accumu-lated Other Common Capital Retained Compre-hensive Treasury
� � Stock � Surplus � Earnings � (Loss) � Stock � Total Balance
-January 1,2005 $ 27,528� $ 726,595� $ 305,986� $ (10,619) $
(230,308) $ 819,182� Comprehensive income Net income -� -� 56,318�
-� -� 56,318� Other Compre-�hensive�income Change in unrealized
losses on securities (10,931) (10,931) Total comprehensive income
45,387� Cash dividends ($0.46 per share) -� -� (19,629) -� -�
(19,629) Issuance of stock awards (1,186) 1,186� -� Recognition of
stock based compensation 422� 422� Purchase of treasury stock -� -�
-� -� (13,194) (13,194) Sale of treasury stock -� 185� -� -� 168�
353� Exercise of stock options � -� � 188� � -� � -� � 754� � 942�
Balance -December 31,2005 $ 27,528� $ 726,204� $ 342,675� $
(21,550) $ (241,394) $ 833,463� � Balance -January 1,2006 $ 27,528�
$ 726,204� $ 342,675� $ (21,550) $ (241,394) $ 833,463�
Comprehensive income Net income -� -� 59,767� -� -� 59,767� Other
Compre-�hensive�income Change in unrealized losses on securities -�
-� -� 4,291� -� 4,291� Total comprehensive income 64,058� Cash
dividends ($0.52 per share) -� -� (21,978) -� -� (21,978) Stock
split 2 for 1 27,529� (27,529) -� -� -� -� Issuance of stock awards
-� (938) -� -� 1,088� 150� Recognition of stock based compensation
1,669� 1,669� Purchase of treasury stock -� -� -� -� (29,598)
(29,598) Sale of treasury stock -� 280� -� -� 194� 474� Exercise of
stock options � -� � 108� � -� � -� � 529� � 637� Balance -December
31,2006 $ 55,057� $ 699,794� $ 380,464� $ (17,259) $ (269,181) $
848,875� Average Balances / Yields and Rates UMB Financial
Corporation (tax - equivalent basis) (all dollars in
thousands)(unaudited) Year Ended December 31, 2006� 2005� Average
Average Average Average Assets � Balance Yield/Rate � � Balance
Yield/Rate � Loans, net of unearned interest $ 3,579,665� 6.66� % $
3,130,813� 5.66� % Securities: Taxable 2,059,946� 4.15� 2,230,559�
2.91� Tax-exempt 682,363� 4.99� 629,576� 4.72� Total securities
2,742,309� 4.36� 2,860,135� 3.30� Federal funds and resell
agreements 378,028� 5.06� 228,177� 3.50� Other earning assets
56,639� 4.68� 60,144� 3.91� Total earning assets 6,756,641� 5.62�
6,279,269� 4.49� Allowance for loan losses (42,214) (40,506) Other
assets � 868,790� � 855,556� Total assets $ 7,583,217� $ 7,094,319�
� � Liabilities and Shareholders' Equity Interest-bearing deposits
$ 3,648,158� 2.66� % $ 3,248,695� 1.60� % Federal funds and
repurchase agreements 1,148,454� 4.60� 1,029,063� 2.85� Borrowed
funds 51,084� 4.19� 49,368� 4.36� Total interest-bearing
liabilities 4,847,696� 3.13� 4,327,126� 1.93� Noninterest-bearing
demand deposits 1,840,640� 1,887,273� Other liabilities 51,784�
50,508� Shareholders' equity � 843,097� � 829,412� Total
liabilities and shareholders' equity $ 7,583,217� $ 7,094,319� Net
interest spread 2.49� % 2.56� % Net interest margin 3.38� 3.16� � �
� Three Months Ended December 31, 2006� 2005� Average Average
Average Average Assets � Balance Yield/Rate � � Balance Yield/Rate
� Loans, net of unearned interest $ 3,776,980� 6.88� % $ 3,330,371�
5.74� % Securities: Taxable 2,084,945� 4.49� 2,145,292� 3.36�
Tax-exempt 703,908� 4.94� 658,227� 4.92� Total securities
2,788,853� 4.60� 2,803,519� 3.73� Federal funds and resell
agreements 285,880� 5.50� 270,372� 4.29� Other earning assets
52,869� 4.28� 55,186� 4.13� Total earning assets 6,904,582� 5.88�
6,459,448� 4.79� Allowance for loan losses (44,261) (40,163) Other
assets � 909,953� � 863,063� Total assets $ 7,770,274� $ 7,282,348�
� � Liabilities and Shareholders' Equity Interest-bearing deposits
$ 3,752,809� 2.89� % $ 3,446,028� 2.03� % Federal funds and
repurchase agreements 1,224,005� 4.91� 994,165� 3.58� Borrowed
funds 52,672� 3.79� 53,456� 4.15� Total interest-bearing
liabilities 5,029,486� 3.39� 4,493,649� 2.40� Noninterest-bearing
demand deposits 1,808,153� 1,889,964� Other liabilities 75,846�
65,224� Shareholders' equity � 856,789� � 833,511� Total
liabilities and shareholders' equity $ 7,770,274� $ 7,282,348� Net
interest spread 2.49� % 2.39� % Net interest margin 3.41� 3.12�
FOURTH QUARTER 2006 FINANCIAL HIGHLIGHTS UMB Financial Corporation
(all dollars in thousands, except per share data) (unaudited) �
Year Ended December 31 � 2006� � � 2005� � Net interest income $
217,224� $ 188,290� Provision for loan losses 8,734� 5,775�
Noninterest income 254,945� 251,873� Noninterest expense 381,417�
358,069� Income before income taxes 82,018� 76,319� Net income
59,767� 56,318� Net income per share - Basic 1.40� 1.31� Net income
per share - Diluted 1.40� 1.30� Return on average assets 0.79� %
0.79� % Return on average equity 7.09� % 6.79� % � Three Months
Ended December 31 Net interest income $ 56,641� $ 48,154� Provision
for loan losses 1,000� 2,821� Noninterest income 65,012� 60,906�
Noninterest expense 98,728� 86,906� Income before income taxes
21,925� 19,333� Net income 15,801� 14,955� Net income per share -
Basic 0.37� 0.35� Net income per share - Diluted 0.37� 0.35� Return
on average assets 0.81� % 0.81� % Return on average equity 7.32� %
7.12� % � At December 31 Assets $ 8,917,765� $ 8,247,789� Loans,
net of unearned interest 3,753,445� 3,373,944� Securities
3,363,453� 3,463,817� Deposits 6,308,964� 5,920,822� Shareholders'
equity 848,875� 833,463� Book value per share 20.08� 19.39� Market
price per share 36.51� 31.96� Equity to assets 9.52� % 10.11� %
Allowance for loan losses $ 44,926� $ 40,825� As a % of loans 1.20�
% 1.21� % Nonaccrual and restructured loans $ 6,563� $ 5,439� As a
% of loans 0.17� % 0.16� % Loans over 90 days past due $ 2,706� $
4,829� As a % of loans 0.07� % 0.14� % Other real estate owned $
377� $ -� � Common shares outstanding 42,266,041� 42,981,122� �
Average Balances Year Ended December 31 Assets $ 7,583,217� $
7,094,319� Loans, net of unearned interest 3,579,665� 3,130,813�
Securities 2,742,309� 2,860,135� Deposits 5,488,798� 5,135,968�
Shareholders' equity 843,097� 829,412� Selected Financial Data of
Affiliate Banks UMB Financial Corporation (all dollars in
thousands)(unaudited) December 31, 2006 Loans Net of Total Unearned
Total Shareholders' Missouri � Assets � Interest � Deposits �
Equity UMB Bank, n.a. $ 7,557,075� $ 2,973,009� $ 5,192,820� $
555,429� UMB Bank Warsaw, N.A. 84,543� 35,484� 66,905� 6,356� �
Colorado � � � � � � � � UMB Bank Colorado, n.a. 875,438� 521,640�
642,959� 125,148� � Kansas � � � � � � � � UMB National Bank of
America 679,960� 212,685� 423,402� 55,196� � Arizona � � � � � � �
� UMB Bank Arizona, n.a. 18,955� 15,683� 7,796� 9,511� � Banking -
Related Subsidiaries � � � � � � � � UMB Community Development
Corporation UMB Banc Leasing Corp. UMB Financial 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 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, 2006� 2005� 2006� 2005� � Net interest income after
provision $ 55,641� $ 45,333� $ 208,490� $ 182,515� Noninterest
income 65,012� 60,906� 254,945� 251,873� Noninterest expense
98,728� 86,906� 381,417� 358,069� Income tax provision 6,124�
4,378� 22,251� 20,001� � Net Income After Taxes 15,801� 14,955�
59,767� 56,318� � Adjustments Noninterest income Other (gains)
losses, net (384) (465) (793) (9,237) Gains on sale of employee
benefit accounts -� -� -� (3,600) Noninterest expense Voluntary
Separation Plan -� -� -� 4,400� � Total adjustments pre-tax (384)
(465) (793) (8,437) Less: Income taxes (138) (167) (285) (3,037) �
After Tax Adjustments to GAAP (246) (298) (508) (5,400) � � � �
Adjusted Net Income $ 15,555� $ 14,657� $ 59,259� $ 50,918� � 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.
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