UMB Financial Corporation (NASDAQ: UMBF), a multi-bank holding
company, announced earnings for the year ended December 31, 2007 of
$74.2 million or $1.78 per share ($1.77 diluted). This is an
increase of $14.4 million, or 24.2 percent, compared to the prior
year earnings of $59.8 million or $1.40 per share ($1.40 diluted).
Earnings for the three months ended December 31, 2007 were $15.3
million or $0.37 per share ($0.37 diluted). This is a decrease of
$0.5 million, or 3.2 percent, compared to fourth quarter 2006
earnings of $15.8 million or $0.37 per share ($0.37 diluted). The
fourth quarter in 2007 included a pre-tax liability accrual of $4.6
million related to the company�s estimated share of Visa U.S.A.,
Inc.�s (Visa) covered litigation provision as well as a $0.7
million net gain on a contingent payment received on the sale of
the securities transfer product. Excluding these adjustments, net
income for the fourth quarter would have increased 12.6 percent to
$17.8 million. A table reconciling GAAP net income for these items
for the quarter and year-to-date is included with this release.
�This quarter we watched the industry weather some challenging
conditions,� commented Mariner Kemper, Chairman and CEO of UMB
Financial Corporation. �I am extremely proud of the results our
associates achieved for the quarter and the year. Our results
continued to be fueled by double-digit fee income growth and an
increase in net interest income. In addition, we grew average loans
9.0 percent while not wavering from our historically strong
underwriting standards. Our financial performance in the current
market environment validates our time-tested model of quality,
liquidity and capital strength.� Net Interest Income Net interest
income for the fourth quarter of 2007 increased $4.2 million, or
7.4 percent, compared to the same period in 2006 due primarily to
higher average earning assets while increasing net interest margin.
Average earning assets increased by $266.0 million, or 3.9 percent,
as compared to the fourth quarter of 2006. Most of this increase
was due to a $138.5 million, or 3.7 percent, increase in average
loans and a $149.1 million, or 5.3 percent, increase in total
securities, including trading securities and other. Net interest
margin increased 14 basis points to 3.55 percent for the three
months ended December 31, 2007 as compared to the same quarter in
2006. Noninterest Income and Expense �Our results for the fourth
quarter continue to be driven by the improvement in our fee-based
businesses,� said Peter deSilva, President and Chief Operating
Officer. �Noninterest income increased 12.1 percent for the
quarter, and 13.3 percent for the year. This growth was primarily
due to the increase in trust and securities processing income from
our Asset Management and Fund Services divisions, as well as
bankcard fees. Additionally, during the quarter, we announced that
our Healthcare Services Division passed $100 million in Health
Savings Account (HSA) assets, or an increase of 53 percent over the
prior year. Finally, with almost 800,000 healthcare accounts, we
are optimistic about the growth opportunity and remain committed to
maintaining our leadership position in this important segment.�
Noninterest income increased $7.9 million, or 12.1 percent, for the
three months ended December 31, 2007 compared to the same period in
2006. Trust and securities processing income increased $4.9
million, or 19.2 percent, for the three months ended December 31,
2007 compared to the same period in 2006. This increase was
primarily due to a $1.5 million, or 20.0 percent, increase in fee
income from the UMB Scout Funds and a $2.3 million, or 29.4
percent, increase in fund administration and distribution services.
Deposit service charges were $1.5 million, or 8.4 percent, higher
in the fourth quarter 2007 than in the same period in 2006 due
mostly to greater individual overdraft and return item charges as
well as pricing changes implemented at the beginning of 2007. A
$0.7 million net gain was recognized on a contingent payment
received on the sale of the securities transfer product, which was
completed during the third quarter. In addition, gains on the sale
of available-for-sale securities of $1.0 million were recognized
during the quarter. Noninterest expense increased $11.3 million, or
11.4 percent, for the three months ended December 31, 2007 compared
to the same period in 2006. Salary expense increased by $4.3
million, or 8.6 percent, mostly due to higher employee base
salaries, higher commissions and bonuses, and higher cost of
benefits. Marketing and business development increased $0.7
million, or 21.3 percent, due to timing of marketing initiatives in
the fourth quarter of 2007 compared to the same quarter in 2006.
Processing fees increased $1.0 million, or 13.1 percent, due to
increased third party custodian fees related to international
transactions from mutual fund clients and sub-transfer agency fees
paid for the distribution of the UMB Scout Funds. A liability of
$4.6 million, which represents more than 40 percent of the
noninterest expense increase, was recorded for the estimated
company�s proportional share of Visa�s covered litigation.
Excluding this litigation liability, noninterest expense would have
increased 6.7 percent. Balance Sheet and Margin �Our balance sheet
remains well positioned in this time of economic instability,� said
Mike Hagedorn, Chief Financial Officer. �Our capital ratios are a
reflection of our balance sheet strength. Moreover, our loan
portfolio continued to grow in the fourth quarter, with commercial,
HELOC and credit cards recording solid gains. Last quarter, we
announced the strategic decision to run off our indirect loan
portfolio, and continue to monitor our funding needs as a result.
We expect this run-off to reduce our reliance on short-term
instruments and repurchase agreements, and provide more balance
sheet flexibility. Our current balance sheet and funding structure
have allowed us to manage our funding costs as rates declined and
contributed to margin improvement during the quarter.� Average
total assets for the three months ended December 31, 2007 were $8.1
billion compared to $7.8 billion for the same period in 2006, an
increase of $298.5 million, or 3.8 percent. Average earning assets
increased by $266.0 million, or 3.9 percent. Actual loan balances
on December 31, 2007 were $3.9 billion, compared to $3.8 billion on
December 31, 2006. These balances were as follows: Loans by
Category (in thousands) � December 31,2007 � December 31,2006 �
Change � PercentChange Commercial, financial and agricultural
$1,769,505 $1,564,793 $204,712 13.1% Real estate construction
83,292 84,141 (849) (1.0)% Consumer 795,826 982,325 (186,499)
(19.0)% Real estate 1,262,389 1,116,405 145,984 13.1% Leases 6,113
5,781 332 5.7% Loans before loans held for sale 3,917,125 3,753,445
163,680 4.4% Loans held for sale 12,240 14,120 (1,880) (13.3)%
Total loans and loans held for sale $3,929,365 $3,767,565 $161,800
4.3% Nonperforming loans were flat at December 31, 2007 and 2006
totaling $6.6 million. As a percentage of total loans,
nonperforming loans were 0.17 percent of loans as of December 31,
2007 and 2006. Nonperforming loans are defined as nonaccrual loans
and restructured loans. The company�s allowance for loan losses
totaled $46.0 million, or 1.17 percent of total loans as of
December 31, 2007 compared to $44.9 million, or 1.20 percent of
total loans as of December 31, 2006. For the three months ended
December 31, 2007, average securities, including trading securities
and other, totaled $3.0 billion. This is an increase of $149.1
million, or 5.3 percent from the same period in 2006. Average
federal funds sold and resell agreements for the fourth quarter
decreased $21.7 million, or 7.6 percent over the same period in
2006 to $264.2 million. Average total deposits increased $338.5
million, or 6.1 percent, to $5.9 billion for the three months ended
December 31, 2007, compared to the same period in 2006. The
increase in deposits came primarily from our public funds, mutual
fund processing and treasury management businesses. Average time
deposit accounts increased by $112.0 million, or 9.0 percent, for
the three months ended December 31, 2007 as compared to 2006.
Average money market accounts increased by $199.3 million, or 20.0
percent, in 2007 as compared to 2006. Total deposits as of December
31, 2007 were $6.6 billion, compared to $6.3 billion at December
31, 2006, a 3.8 percent increase. As of December 31, 2007, UMB had
total shareholders� equity of $890.6 million, a 4.9 percent
increase from the prior year. For the three months ended December
31, 2007, the company repurchased 448,707 shares at an average
price of $40.31 per share, for a total cost of $18.1 million. For
the year, shares repurchased totaled 1.1 million, which at an
average price of $39.37 per share, resulted in a total cost of
$43.3 million. The company declared its regular quarterly cash
dividend of $0.15 per share to be paid on April 1, 2008, to
shareholders of record at of the close of business on March 11,
2008. Year-to-Date Earnings for the year ended December 31, 2007
were $74.2 million or $1.78 per share ($1.77 diluted). This is an
increase of $14.4 million, or 24.2 percent, compared to the prior
year earnings of $59.8 million or $1.40 per share ($1.40 diluted).
Excluding a $7.2 million pre-tax net gain on the sale of the
securities transfer product as well as the $4.6 million liability
recorded for the company�s proportional share of Visa�s covered
litigation provision, adjusted net income would have totaled $72.6
million or a 21.4 percent increase over 2006. A table reconciling
GAAP net income for these items for the quarter and year-to-date is
included with this release. Net interest income for the year ended
December 31, 2007 increased $15.5 million, or 7.1 percent, compared
to the same period in 2006 due primarily to higher average earning
assets and rates. Net interest margin increased to 3.44 percent for
year ended December 31, 2007 as compared to 3.38 percent for the
same period in 2006. Noninterest income increased $33.8 million or
13.3 percent, to $288.8 million for the year ended December 31,
2007 as compared to the same period in 2006. The increase was
primarily attributable to higher trust and securities processing
income, deposit service charges, trading and investment income and
brokerage fees. Trust and securities processing income increased
$17.3 million, or 17.6 percent, for year-to-date December 31, 2007
as compared to the same period in 2006. Deposit service charges
were $6.3 million, or 8.5 percent, higher for the twelve months
ended December 31, 2007 than the same period in 2006 due mostly to
greater individual overdraft and return item charges as well as
pricing changes implemented at the beginning of the year. A $7.2
million net gain was recognized on the sale of the securities
transfer product, which was completed during the third quarter.
Excluding this net gain, noninterest income would have increased
10.4 percent. Noninterest expense increased $25.7 million, or 6.8
percent, for the twelve months ended December 31, 2007 compared to
the same period in 2006. Salary expense increased by $12.9 million,
or 6.7 percent, mostly due to higher employee base salaries, higher
commissions and bonuses and higher cost of benefits. Occupancy
expense increased $2.5 million, or 8.9 percent, mainly from
increased repair and maintenance costs of existing facilities and
increased facility security expense. Equipment expense increased by
$3.7 million, or 7.6 percent, for the year ended December 31, 2007
as compared to the same period in 2006 due mostly to higher
amortization and maintenance costs related to software and
associated equipment. A liability of $4.6 million was recorded for
the company�s proportional share of Visa�s covered litigation
provision. Excluding this liability, noninterest expense would have
increased 5.5 percent. The company plans to host a conference call
to discuss its fourth quarter and full-year results on January 23,
2008, at 8:30 a.m. (CST). Interested parties may access the call by
dialing U.S./Canada (toll-free) 800-218-0530 or access the
following Web link at least 10 minutes before the call begins:
http://w.on24.com/r.htm?e=99489&s=1&k=1687404DB24DB20851AB9BEB2DDA5198
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 6, 2008, by calling U.S./Canada (toll-free) 800-405-2236
or 303-590-3000. The replay pass code required for playback is
conference ID 11104690#. The call replay may also be accessed via
the company's Web site, www.umb.com, by visiting the investor
relations� area. 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, 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 net gains associated with the sale of the
securities transfer product in July, 2007, as well as a liability
accrual related to Visa�s covered litigation provision. 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 (NASDAQ: UMBF) is a multi-bank
holding company headquartered in Kansas City, Missouri, offering
complete banking, asset management, health spending solutions and
related financial services to both individual and business
customers nationwide. Its banking subsidiaries own and operate 135
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, single-purpose companies that
deal with brokerage services and insurance and a registered
investment advisor that manages the company�s proprietary mutual
funds. NON-GAAP RECONCILIATION SCHEDULE � UMB Financial Corporation
(all dollars in thousands) (unaudited) � � 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, 2007 2007 Net interest income after
provision for loan losses $57,858 $223,351 Noninterest income
72,877 288,788 Noninterest expense 110,018 407,164 Income tax
provision 5,418 30,762 Net income 15,299 74,213 � Adjustments
Noninterest income Gain on sale of securities transfer (727)
(7,218) Noninterest expense Covered litigation provision 4,628
4,628 Total Adjustments pre-tax 3,901 (2,590) Income tax provision
(1,404) 932 After tax adjustments to GAAP 2,497 (1,658) Adjusted
net income $17,796 $72,555 � � The above table presents the
variation in net income on an as reported (GAAP) basis and
excluding certain gains related to the sale of securities transfer
and the covered litigation provision. The press release includes
commentary that compares both GAAP and non-GAAP financial measures.
CONSOLIDATED BALANCE SHEETS � UMB Financial Corporation (all
dollars in thousands) (unaudited) � � December 31, Assets 2007 �
2006 � Loans $3,917,125 $3,753,445 Allowance for loan losses
(45,986) � (44,926) Net loans 3,871,139 � 3,708,519 Loans held for
sale 12,240 14,120 Investment Securities: Available for sale
3,385,952 3,238,648 Held to maturity 37,658 44,781 Federal Reserve
Bank stock and other 19,287 15,490 Trading securities 43,883 �
64,534 Total investment securities 3,486,780 � 3,363,453 Federal
funds and resell agreements 712,012 848,922 Cash and due from banks
806,600 531,188 Bank premises and equipment, net 235,528 243,216
Accrued income 62,021 57,313 Goodwill 94,512 93,723 Other
intangibles 16,463 19,309 Other assets 45,664 � 38,002 Total assets
$9,342,959 � $8,917,765 � � Liabilities Deposits: Noninterest -
bearing demand $2,094,422 $2,293,096 Interest - bearing demand and
savings 2,959,109 2,644,125 Time deposits under $100,000 852,837
799,003 Time deposits of $100,000 or more 644,434 � 572,740 Total
deposits 6,550,802 � 6,308,964 Federal funds and repurchase
agreements 1,734,749 1,620,945 Short-term debt 33,753 17,881
Long-term debt 36,032 38,020 Accrued expenses and taxes 76,362
52,381 Other liabilities 20,687 � 30,699 Total liabilities
8,452,385 � 8,068,890 � Shareholders' Equity Common stock 55,057
55,057 Capital surplus 702,914 699,794 Retained earnings 430,824
380,464 Accumulated other comprehensive income (loss) 12,246
(17,259) Treasury stock (310,467) � (269,181) Total shareholders'
equity 890,574 � 848,875 Total liabilities and shareholders' equity
$9,342,959 � $8,917,765 Consolidated Statements of Income � UMB
Financial Corporation (dollars in thousands except share and per
share data) (unaudited) � � Three Months Ended Year Ended December
31, December 31, Interest Income 2007 � 2006 � 2007 � 2006 Loans
$67,252 � $65,424 $270,638 � $238,356 Securities: Taxable Interest
26,377 23,605 97,576 85,585 Tax-exempt interest 6,627 � 6,060 �
25,269 � 23,448 Total securities income 33,004 29,665 122,845
109,033 Federal funds and resell agreements 3,000 3,960 18,659
19,112 Trading securities and other 447 � 553 � 2,271 � 2,582 Total
interest income 103,703 � 99,602 � 414,413 � 369,083 � Interest
Expense Deposits 31,026 27,312 120,217 96,889 Federal funds and
repurchase agreements 11,263 15,146 59,250 52,832 Short-term debt
150 190 591 619 Long-term debt 406 � 313 � 1,671 � 1,519 Total
interest expense 42,845 � 42,961 � 181,729 � 151,859 Net interest
income 60,858 56,641 232,684 217,224 Provision for loan losses
3,000 � 1,000 � 9,333 � 8,734 Net interest income after provision
for loan losses 57,858 � 55,641 � 223,351 � 208,490 � Noninterest
Income Trust and securities processing 30,454 25,551 115,585 98,250
Trading and investment banking 4,541 4,755 19,288 18,192 Service
charges on deposits 19,945 18,408 79,880 73,598 Insurance fees and
commissions 875 807 3,418 3,956 Brokerage fees 1,999 1,602 8,023
6,228 Bankcard fees 10,541 10,009 39,972 38,759 (Losses) gains on
sales of assets and deposits, net (684) 384 (597) 793 Gain on sale
of securities transfer 727 - 7,218 - Gains (losses) on sales of
securities available for sale 1,007 (3) 1,010 117 Other 3,472 �
3,499 � 14,991 � 15,052 Total noninterest income 72,877 � 65,012 �
288,788 � 254,945 � Noninterest Expense Salaries and employee
benefits 54,345 50,052 206,883 193,980 Occupancy, net 7,833 7,488
30,255 27,776 Equipment 12,901 12,882 52,711 48,968 Supplies and
services 6,108 5,817 23,435 22,805 Marketing and business
development 3,869 3,190 15,443 14,835 Processing fees 8,593 7,601
29,861 28,292 Legal and consulting 2,656 2,440 8,451 8,175 Bankcard
2,980 3,610 11,064 13,831 Amortization of other intangibles 721 731
2,943 1,600 Covered litigation provision 4,628 - 4,628 - Other
5,384 � 4,917 � 21,490 � - Total noninterest expense 110,018 �
98,728 � 407,164 � 381,417 � Income before income taxes 20,717
21,925 104,975 82,018 Income tax provision 5,418 � 6,124 � 30,762 �
22,251 Net income $15,299 � $15,801 � $74,213 � $59,767 Per Share
Data Net income - Basic $0.37 $0.37 $1.78 $1.40 Net income -
Diluted 0.37 0.37 1.77 1.40 Dividends 0.15 0.13 0.57 0.52 Weighted
average shares outstanding 41,279,865 42,349,000 41,712,223
42,592,960 Consolidated Statements of � � � � Shareholders' Equity
� UMB Financial Corporation (all dollars in thousands) (unaudited)
� � � � Accumulated Other Common Capital Unearned Retained
Comprehensive Treasury Stock Surplus Compensation Earnings Income
(Loss) Stock Total Balance - January 1, 2006 $27,528 $728,108
$(1,904) $342,675 $(21,550) $(241,394) $833,463 � Comprehensive
income (loss) Net income - - - 59,767 - - 59,767 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) - - - - -
Purchase of treasury stock - - - - (29,598) (29,598) Issuance of
stock awards - (938) - - - 1,088 150 Adoption of SFAS 123(R) -
(1,904) 1,904 - - - - Recognition of stock-based compensation -
1,669 - - - - 1,669 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 �
Comprehensive income Net income - - - 74,213 - - 74,213 Other
Comprehensive income Change in unrealized losses on securities - -
- - 29,505 - 29,505 Total comprehensive income 103,718 Cash
dividends ($0.57 per share) - - - (23,853) - - (23,853) Purchase of
treasury stock - - - - - (43,309) (43,309) Issuance of stock awards
- (946) - - - 1,083 137 Recognition of stock-based compensation -
3,383 - - - - 3,383 Net tax benefit related to equity compensation
plans 26 - - - - 26 Sale of treasury stock - 321 - - - 181 502
Exercise of stock options - 336 - - - 759 1,095 Balance - December
31, 2007 $55,057 $702,914 $- $430,824 $12,246 $(310,467) $890,574
Average Balances / Yields and Rates � UMB Financial Corporation
(tax - equivalent basis) � � � � (all dollars in
thousands)(unaudited) Year Ended December 31, 2007 � 2006 � Average
Average Average Average Assets Balance Yield/Rate Balance
Yield/Rate Loans, net of unearned interest $3,901,853 6.94 %
$3,579,665 6.66 % Securities: Taxable 2,061,994 4.73 2,059,946 4.15
Tax-exempt 725,765 � 5.12 � 682,363 � 4.99 � Total securities
2,787,759 4.83 2,742,309 4.36 Federal funds and resell agreements
360,288 5.18 378,028 5.06 Trading securities and other 58,862 �
4.03 � 56,639 � 4.68 � Total earning assets 7,108,762 6.00
6,756,641 5.62 Allowance for loan losses (45,647 ) (42,214 ) Other
Assets 933,171 � 868,790 � Total assets $7,996,286 � $7,583,217 � �
� Liabilities and Shareholders' Equity Interest-bearing deposits
$3,936,104 3.05 % $3,648,158 2.66 % Federal funds and repurchase
agreements 1,272,699 4.66 1,148,454 4.60 Borrowed funds 49,777 �
4.54 � 51,084 � 4.19 � Total interest-bearing liabilities 5,258,580
3.46 4,847,696 3.13 Noninterest-bearing demand deposits 1,780,098
1,840,640 Other liabilities 83,530 51,784 Shareholders' equity
874,078 � 843,097 � Total liabilities and shareholders' equity
$7,996,286 � $7,583,217 � Net interest spread 2.54 % 2.49 % Net
interest margin 3.44 3.38 � � Three Months Ended December 31, 2007
� 2006 � Average Average Average Average Assets Balance Yield/Rate
Balance Yield/Rate Loans, net of unearned interest $3,915,493 6.82
% $3,776,980 6.88 % Securities: Taxable 2,188,027 4.78 2,084,945
4.49 Tax-exempt 754,429 � 5.13 � 703,908 � 4.94 � Total securities
2,942,456 4.87 2,788,853 4.60 Federal funds and resell agreements
264,226 4.50 285,880 5.50 Trading securities and other 48,373 �
3.90 � 52,869 � 4.28 � Total earning assets 7,170,548 5.92
6,904,582 5.88 Allowance for loan losses (46,711 ) (44,261 ) Other
assets 944,979 � 909,953 � Total assets $8,068,816 � $7,770,274 � �
� Liabilities and Shareholders' Equity Interest-bearing deposits
$4,089,202 3.01 % $3,752,809 2.89 % Federal funds and repurchase
agreements 1,129,856 3.95 1,224,005 4.91 Borrowed funds 51,644 �
4.27 � 52,672 � 3.79 � Total interest-bearing liabilities 5,270,702
3.23 5,029,486 3.39 Noninterest-bearing demand deposits 1,810,307
1,808,153 Other liabilities 93,551 75,846 Shareholders' equity
894,256 � 856,789 � Total liabilities and shareholders' equity
$8,068,816 � $7,770,274 � Net interest spread 2.69 % 2.49 % Net
interest margin 3.55 3.41 � FOURTH QUARTER 2007 � � FINANCIAL
HIGHLIGHTS � UMB Financial Corporation (all dollars in thousands,
except per share data) (unaudited) � Year Ended December 31 2007 �
2006 � Net interest income $232,684 $217,224 Provision for loan
losses 9,333 8,734 Noninterest income 288,788 254,945 Noninterest
expense 407,164 381,417 Income before income taxes 104,975 82,018
Net income 74,213 59,767 Net income per share - Basic 1.78 1.40 Net
income per share - Diluted 1.77 1.40 Return on average assets 0.93
% 0.79 % Return on average equity 8.49 % 7.09 % � Three Months
Ended December 31 Net interest income $60,858 $56,641 Provision for
loan losses 3,000 1,000 Noninterest income 72,877 65,012
Noninterest expense 110,018 98,728 Income before income taxes
20,717 21,925 Net income 15,299 15,801 Net income per share - Basic
0.37 0.37 Net income per share - Diluted 0.37 0.37 Return on
average assets 0.75 % 0.81 % Return on average equity 6.79 % 7.32 %
� At December 31 Assets $9,342,959 $8,917,765 Loans, net of
unearned interest 3,917,125 3,753,445 Securities 3,486,780
3,363,453 Deposits 6,550,802 6,308,964 Shareholders' equity 890,574
848,875 Book value per share 21.55 20.08 Market price per share
38.36 36.51 Equity to assets 9.53 % 9.52 % Allowance for loan
losses $45,986 $44,926 As a % of loans 1.17 % 1.20 % Nonaccrual and
restructured loans $6,581 $6,563 As a % of loans 0.17 % 0.17 %
Loans over 90 days past due $2,922 $2,706 As a % of loans 0.07 %
0.07 % Other real estate owned $1,151 $377 Net loan charge-offs
quarter-to-date $3,189 $(387 ) As a % of average loans 0.33 % (0.04
)% Net loan charge-offs year-to-date $8,273 $6,992 As a % of
average loans 0.21 % 0.20 % � Common shares outstanding 41,327,624
42,266,041 � Average Balances Year Ended December 31 Assets
$7,996,286 $7,583,217 Loans, net of unearned interest 3,901,853
3,579,665 Securities 2,787,759 2,742,309 Deposits 5,716,202
5,488,798 Shareholders' equity 874,078 843,097 Selected Financial
Data � � � of Affiliate Banks � UMB Financial Corporation (all
dollars in thousands)(unaudited) � December 31, 2007 � Loans Net of
Total Unearned Total Shareholders' Missouri � Assets � Interest �
Deposits � Equity UMB Bank, n.a. $8,122,867 $3,171,357 $5,652,599
$581,985 Colorado � � � � � � � � UMB Bank Colorado, n. a. 810,726
486,372 583,223 137,488 � Kansas � � � � � � � � UMB National Bank
of America 685,729 219,568 387,074 66,233 � Arizona � � � � � � � �
UMB Bank Arizona, n. a. 45,810 43,949 9,752 8,813 � 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
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