Selected third quarter financial highlights:
-
Loans at September 30, 2015, increased 27.4 percent to $9.0 billion
with legacy UMB loans increasing 13.2 percent to $8.0 billion compared
to September 30, 2014
-
Total deposits at September 30, 2015, increased 18.1 percent to $15.1
billion with legacy UMB deposits increasing 11.2 percent to $14.2
billion compared to September 30, 2014
-
Net interest income increased 25.6 percent to $109.9 million and net
interest margin increased 20 basis points to 2.73 percent compared to
the third quarter of 2014
-
Noninterest income decreased 13.7 percent from the third quarter 2014
to $109.1 million, and was 49.8 percent of total revenue
-
Expenses related to the Marquette acquisition totaled $4.5 million for
the third quarter 2015
-
Equity earnings on alternative investments decreased $7.5 million
compared to the third quarter 2014
-
Announced additional corporate-wide efficiency actions with estimated
cost savings of $29.3 million annualized
-
Total assets under management stood at $40.9 billion at September 30,
2015
-
Common equity Tier 1 ratio remains strong at 12.39 percent
KANSAS CITY, Mo.--(BUSINESS WIRE)--
UMB Financial Corporation (Nasdaq: UMBF), a diversified financial
holding company, announced earnings for the three months ended September
30, 2015 of $22.5 million or $0.46 per share ($0.46 diluted). This is a
decrease of $13.2 million, or 37.0 percent, compared to third quarter
2014 earnings of $35.6 million or $0.79 per share ($0.78 diluted).
Earnings for the nine months ended September 30, 2015, were $86.4
million or $1.85 per share ($1.84 diluted). This is a decrease of $7.3
million, or 7.8 percent, compared to the earnings for the nine months
ended September 30, 2014 of $93.7 million or $2.09 per share ($2.06
diluted).
“The third quarter results are driven by three primary factors —
improved net interest income due to increased loan balances and yields,
a decrease in noninterest income largely related to continued headwinds
at Scout, and increased noninterest expense, which included Marquette
integration expense of $4.5 million,” said Mariner Kemper, Chairman and
Chief Executive Officer. “Loan balances increased year-over-year, both
with the addition of the Marquette portfolio and our continued strategy
to add higher-yielding earning assets. At quarter-end, loans stood at
$9.0 billion, an increase of 27.4 percent or $1.9 billion compared to a
year ago. Acquired loans plus production through legacy Marquette
channels comprised $1.0 billion of the increase. The remaining increase
of $937.9 million was generated through legacy UMB lenders, for a
year-over-year increase of 13.2 percent. I am pleased with the
integration efforts and the value Marquette brings to our banking
franchise.”
“In addition to the $3.6 million in annualized efficiencies we announced
in July, we have identified another $29.3 million in cost savings,
resulting in total estimated efficiencies of $32.9 million fully
annualized beginning in 2017. While these initiatives involved difficult
decisions, they are the right actions to take to get us closer to our
efficiency goals and to operate in a leaner, healthier way. The total
does not include efficiencies that may be identified through our normal
course of business. These initiatives weren’t merely a project, but a
continued focus on growing our businesses in the most efficient and
profitable way possible,” added Kemper.
Net Interest Income and Margin
Net interest income for the third quarter of 2015 increased $22.4
million, or 25.6 percent, compared to the same period in 2014. Average
earning assets increased $2.3 billion, or 15.5 percent, compared to the
third quarter of 2014. This increase was primarily due to a $1.9
billion, or 27.7 percent, increase in average loans. Marquette added
earning assets with an acquired value of $1.3 billion on May 31, 2015.
Average loans from the legacy Marquette channel totaled $1.0 billion in
the third quarter 2015. Net interest margin increased 20 basis points to
2.73 percent for the three months ended September 30, 2015, compared to
the same quarter in 2014.
Noninterest Income and Expense
Noninterest income decreased $17.4 million, or 13.7 percent, for the
three months ended September 30, 2015, compared to the same period in
2014. This decrease is largely attributable to decreased trust and
securities processing income of $8.9 million, or 12.0 percent, for the
three months ended September 30, 2015, compared to the same period in
2014. The decrease in trust and securities processing income was
primarily due to a $10.4 million, or 44.7 percent, decrease in advisory
fee income from the Scout Funds, partially offset by an increase in fees
related to institutional and personal investment management services of
$1.0 million, or 3.9 percent. Equity earnings on alternative investments
had an unrealized loss of $5.0 million at September 30, 2015 compared to
an unrealized gain of $2.5 million at September 30, 2014. This is a
year-over-year decrease of $7.5 million.
Noninterest expense increased $24.1 million, or 15.0 percent, for the
three months ended September 30, 2015, compared to the same period in
2014. Salary and benefits expense increased $14.7 million, or 16.3
percent, due to increases in salaries and wages of $10.9 million, or
19.2 percent, a $5.2 million, or 27.7 percent, increase in commissions
and bonuses, offset by a decrease of $1.5 million, or 10.2 percent, in
employee benefits expense. Included in the increase of salaries and
benefits is $10.8 million of Marquette salaries and benefits, including
$1.4 million in acquisition related severances, and $0.9 million of
non-Marquette severances for the three months ended September 30, 2015.
Equipment expense increased $3.8 million, or 28.5 percent, due to
increased computer and hardware costs related to investments for
regulatory requirements, cyber security and the ongoing modernization of
our core systems. Legal and consulting expense increased by $4.2
million, or 92.3 percent for the third quarter of 2015 driven by $1.9
million of Marquette acquisition expenses incurred during the third
quarter of 2015. These increases were offset by a decrease in processing
fees of $1.3 million, or 9.2 percent, due to decreased fees paid to
distributors of the Scout Funds.
Total acquisition expenses recognized in noninterest expense during the
third quarter totaled $4.5 million primarily related to $1.4 million of
severance expenses included in salaries and benefits and $1.9 million of
consulting expense related to core system conversions projects.
Balance Sheet
Average total assets for the three months ended September 30, 2015 were
$18.1 billion compared to $15.6 billion for the same period in 2014, an
increase of $2.5 billion, or 15.9 percent. Average earning assets
increased by $2.3 billion for the period, or 15.5 percent.
Average loan balances for the three months ended September 30, 2015,
increased $1.9 billion, or 27.7 percent, to $8.9 billion compared to the
same period in 2014. Actual loan balances on September 30, 2015, were
$9.0 billion, an increase of $1.9 billion, or 27.4 percent, compared to
September 30, 2014. The overall actual loan increase at September 30,
2015 was driven by a $685.0 million, or 37.9 percent, increase in
commercial real estate loans, a $548.1 million, or 15.5 percent,
increase in commercial loans, a $218.7 million, or 100.0 percent,
increase in asset-based loans, a $157.6 million, or 49.7 percent,
increase in residential real estate loans, a $121.3 million, or 49.4
percent, increase in construction real estate loans, and a $106.0
million, or 100.0 percent, increase in factoring loans.
A significant driver in the increase in loans was the acquisition of
Marquette and its loan portfolio. These acquired Marquette loans and
loans originated through the legacy Marquette channels had an actual
balance at September 30, 2015 of $1.0 billion. This total includes
$318.2 million in commercial real estate loans, $218.7 million in
asset-based loans, $106.0 million in factoring loans, $111.7 million in
commercial loans, and $107.8 million in residential real estate loans.
The remaining increase in loans of $937.9 million compared to September
30, 2014 is comprised of loans originated through the legacy UMB
channels. This increase was primarily driven by an increase in
commercial loans of $436.5 million and a $366.8 million increase in
commercial real estate loans.
Nonperforming loans increased to $50.0 million on September 30, 2015,
from $32.7 million on September 30, 2014. Nonperforming loans are
defined as nonaccrual loans and restructured loans. As a percentage of
loans, nonperforming loans increased to 0.55 percent as of September 30,
2015, compared to 0.46 percent on September 30, 2014. The company’s
allowance for loan losses totaled $78.0 million, or 0.86 percent of
loans, as of September 30, 2015, compared to $77.3 million, or 1.09
percent of loans, as of September 30, 2014.
For the three months ended September 30, 2015, average securities,
including trading securities, totaled $7.3 billion. This is an increase
of $326.8 million, or 4.7 percent, from the same period in 2014.
Average total deposits increased $1.8 billion, or 14.6 percent, to $14.3
billion for the three months ended September 30, 2015, compared to the
same period in 2014. Deposit balances from the legacy Marquette channels
totaled $881.9 million at September 30, 2015. Average
noninterest-bearing demand deposits increased $740.2 million, or 14.6
percent, compared to the same period in 2014. Average interest-bearing
deposits increased by $1.1 billion, or 14.6 percent, in the third
quarter of 2015 as compared to the same period in 2014. Total actual
deposits as of September 30, 2015, were $15.1 billion, compared to $12.8
billion as of September 30, 2014, an 18.1 percent increase.
Additionally, for the three months ended September 30, 2015, average
noninterest-bearing demand deposits were 40.5 percent of average total
deposits.
As of September 30, 2015, UMB had total shareholders’ equity of $1.9
billion, an increase of 17.7 percent as compared to September 30, 2014.
This increase is primarily attributable to the common stock issuance
associated with the acquisition of Marquette of $179.7 million at May
31, 2015.
Year-to-Date
Earnings for the nine months ended September 30, 2015, were $86.4
million or $1.85 per share ($1.84 diluted). This is a decrease of $7.3
million, or 7.8 percent, compared to earnings for the nine months ended
September 30, 2014, of $93.7 million or $2.09 per share ($2.06 diluted).
Net interest income for the nine months ended September 30, 2015,
increased $38.5 million, or 14.8 percent, compared to the same period in
2014. Net interest margin increased to 2.60 percent for the nine months
ended September 30, 2015, as compared to 2.48 percent for the same
period in 2014.
Noninterest income decreased $29.6 million, or 7.7 percent, to $353.9
million for the nine months ended September 30, 2015, as compared to the
same period in 2014. The decrease in noninterest income is primarily
driven by decreased trust and securities processing income of $19.1
million, or 8.7 percent. The decrease in trust and securities processing
income was primarily due to a $27.8 million, or 38.2 percent, decrease
in advisory fee income from the Scout Funds, partially offset by an
increase of $4.7 million, or 6.6 percent, in fees related to
institutional and personal investment management services and a $2.7
million, or 4.1 percent, increase in fund administration and custody
services. Equity earnings on alternative investments decreased $15.5
million compared to the same period in 2014. Other noninterest income
decreased $2.3 million, or 17.7 percent, primarily due to a $2.8 million
gain on the sale of a branch property during the first nine months of
2014. Gains on securities available for sale of $8.4 million were
recognized in the first nine months of 2015 compared to $4.1 million for
the same period in 2014, a $4.3 million increase.
Noninterest expense increased $22.4 million, or 4.5 percent, for the
nine months ended September 30, 2015, compared to the same period in
2014. Salaries and employee benefits increased $34.4 million, or 12.8
percent, compared to the same period in 2014, driven by an increase in
salary and wage expense of $23.1 million, or 14.1 percent, and an
increase in bonus and commission expense of $10.3 million, or 18.5
percent. Marquette salary and benefits expense, including $1.4 million
of Marquette-related severance, totaled $14.2 million and non-Marquette
severance totaled $1.3 million for the nine months ended September 30,
2015. The increase in salaries and benefits expense was partially offset
by a $20.3 million contingency reserve expense recognized in 2014 in
conjunction with the settlement agreement entered into on June 30, 2014,
to resolve the PCM dispute.
Acquisition expenses recognized in noninterest expense during the first
nine months of 2015 totaled $6.0 million including $1.4 million of
severance and $2.8 million legal and consulting fees.
Efficiency Initiatives
In July 2015, the company announced an efficiency initiative that is
expected to remove an estimated $3.6 million in annualized costs. During
the third quarter, an in-depth review of the organization resulted in
the identification of an estimated $29.3 million in additional
efficiencies. We expect to recognize the combined savings as follows:
$6.8 million in 2015, $22.6 million in 2016, and $32.9 million in
annualized savings in 2017 and beyond. For more detail, please see the
third quarter earnings call presentation on umbfinancial.com, or at the
following link: UMB
Financial Presentations
Dividend Declaration
The Board of Directors declared during the company’s quarterly board
meeting a $0.245 quarterly cash dividend, which represents a 4.3 percent
increase compared to the last quarterly dividend, payable on Jan. 4,
2016, to shareholders of record at the close of business on Dec. 10,
2015.
2016 Annual Meeting of Shareholders
As provided in the bylaws of the company, the 2016 annual meeting of the
company’s shareholders will be held on April 26, 2016, at 9:00 a.m. CDT,
at the principal executive offices of the company located at 1010 Grand
Boulevard, Kansas City, Mo.
Conference Call
The company plans to host a conference call to discuss its 2015 third
quarter earnings results on Oct. 28, 2015, at 9:30 a.m. (CT).
Interested parties may access the call by dialing (toll-free)
877-267-8760 or (U.S.) 412-542-4148 and requesting to join the UMB
Financial call. The live call can also be accessed by visiting the
investor relations area of umbfinancial.com
or by using the following the link:
UMB
Financial 3Q 2015 Conference Call
A replay of the conference call may be heard through Nov. 11, 2015, by
calling (toll-free) 877-344-7529 or (U.S.) 412-317-0088. The replay pass
code required for playback is 10073618. The call replay may also be
accessed via the company's website umbfinancial.com
by visiting the investor relations area.
Forward-Looking Statements:
This release contains, and our other communications may contain,
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements can be identified by the
fact that they do not relate strictly to historical or current
facts—such as our statements about expected cost savings and other
results of efficiency initiatives and our statements about asset
sensitivity. Forward-looking statements often use words such as
“believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,”
“outlook,” “forecast,” “target,” “trend,” “plan,” “goal,” or other words
of comparable meaning or future-tense or conditional verbs such as
“may,” “will,” “should,” “would,” or “could.” Forward-looking statements
convey our expectations, intentions, or forecasts about future events,
circumstances, results, or aspirations. All forward-looking statements
are subject to assumptions, risks, and uncertainties, which may change
over time and many of which are beyond our control. You should not rely
on any forward-looking statement as a prediction or guarantee about the
future. Our actual future objectives, strategies, plans, prospects,
performance, condition, or results may differ materially from those set
forth in any forward-looking statement. Some of the factors that may
cause actual results or other future events, circumstances, or
aspirations to differ from those in forward-looking statements are
described in our Annual Report on Form 10-K for the year ended December
31, 2014, our subsequent Quarterly Reports on Form 10-Q or Current
Reports on Form 8-K, or other applicable documents that are filed or
furnished with the SEC. Any forward-looking statement made by us or on
our behalf speaks only as of the date that it was made. We do not
undertake to update any forward-looking statement to reflect the impact
of events, circumstances, or results that arise after the date that the
statement was made. You, however, should consult further disclosures
(including disclosures of a forward-looking nature) that we may make in
any subsequent Annual Report on Form 10-K, Quarterly Report on Form
10-Q, Current Report on Form 8-K, or other applicable document that is
filed or furnished with the SEC.
About UMB:
UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial
holding company headquartered in Kansas City, Mo., offering complete
banking services, payment solutions, asset servicing and institutional
investment management to customers. UMB operates banking and wealth
management centers throughout Missouri, Illinois, Colorado, Kansas,
Oklahoma, Nebraska, Arizona and Texas, as well as two national
specialty-lending businesses. Subsidiaries of the holding company
include companies that offer services to mutual funds and
alternative-investment entities and registered investment advisors that
offer equity and fixed income strategies to institutions and individual
investors. For more information, visit umb.com,
umbfinancial.com,
blog.umb.com
or follow us on Twitter at @UMBBank, Facebook at facebook.com/UMBBank
and LinkedIn at linkedin.com/company/umb-bank.
|
|
| | |
| Consolidated Balance Sheets |
|
|
| UMB Financial Corporation |
|
(unaudited, dollars in thousands)
| | | | |
|
| | |
| | | | September 30, |
Assets | | |
| 2015 |
|
|
|
| 2014 |
|
| | | | | | | |
|
|
Loans
| | |
$
|
9,046,126
| | | |
$
|
7,103,163
| |
|
Allowance for loan losses
| | |
|
(78,030
|
)
|
|
|
|
(77,316
|
)
|
|
Net loans
| | |
|
8,968,096
|
|
|
|
|
7,025,847
|
|
|
Loans held for sale
| | | |
1,013
| | | | |
1,718
| |
|
Investment securities:
| | | | | | | | |
|
Available for sale
| | | |
6,671,745
| | | | |
6,759,803
| |
|
Held to maturity
| | | |
588,478
| | | | |
237,961
| |
|
Trading securities
| | | |
23,699
| | | | |
31,790
| |
|
Other securities
| | |
|
68,371
|
|
|
|
|
71,192
|
|
|
Total investment securities
| | |
|
7,352,293
|
|
|
|
|
7,100,746
|
|
|
Federal funds and resell agreements
| | | |
98,762
| | | | |
65,255
| |
|
Interest-bearing due from banks
| | | |
847,077
| | | | |
986,428
| |
|
Cash and due from banks
| | | |
339,592
| | | | |
395,956
| |
|
Bank premises and equipment, net
| | | |
281,704
| | | | |
257,341
| |
|
Accrued income
| | | |
87,863
| | | | |
77,263
| |
| Goodwill | | | |
227,962
| | | | |
209,758
| |
|
Other intangibles
| | | |
50,065
| | | | |
46,966
| |
|
Other assets
| | |
|
343,538
|
|
|
|
|
116,750
|
|
|
Total assets
| | |
$
|
18,597,965
|
|
|
|
$
|
16,284,028
|
|
| | | | | | | |
|
| | | | | | | |
|
Liabilities | | | | | | | | |
|
Deposits:
| | | | | | | | |
|
Noninterest-bearing demand
| | |
$
|
6,257,944
| | | |
$
|
5,467,810
| |
|
Interest-bearing demand and savings
| | | |
7,547,822
| | | | |
6,324,535
| |
|
Time deposits under $100,000 | | | |
465,629
| | | | |
434,863
| |
|
Time deposits of $100,000 or more
| | |
|
790,164
|
|
|
|
|
526,229
|
|
|
Total deposits
| | |
|
15,061,559
|
|
|
|
|
12,753,437
|
|
|
Federal funds and repurchase agreements
| | | |
1,342,600
| | | | |
1,711,809
| |
|
Short-term debt
| | | |
5,000
| | | | |
-
| |
|
Long-term debt
| | | |
83,534
| | | | |
7,067
| |
|
Accrued expenses and taxes
| | | |
168,716
| | | | |
161,194
| |
|
Other liabilities
| | |
|
35,699
|
|
|
|
|
35,172
|
|
|
Total liabilities
| | |
|
16,697,108
|
|
|
|
|
14,668,679
|
|
| | | | | | | |
|
Shareholders' Equity | | | | | | | | |
|
Common stock
| | | |
55,057
| | | | |
55,057
| |
|
Capital surplus
| | | |
1,015,383
| | | | |
891,353
| |
|
Retained earnings
| | | |
1,016,206
| | | | |
947,664
| |
|
Accumulated other comprehensive income
| | | |
26,530
| | | | |
1,827
| |
| Treasury stock
| | |
|
(212,319
|
)
|
|
|
|
(280,552
|
)
|
|
Total shareholders' equity
| | |
|
1,900,857
|
|
|
|
|
1,615,349
|
|
|
Total liabilities and shareholders' equity
| | |
$
|
18,597,965
|
|
|
|
$
|
16,284,028
|
|
| | | | | | | |
|
|
|
| | |
|
| | |
|
| | |
| Consolidated Statements of Income |
|
|
|
|
|
|
|
|
|
|
| UMB Financial Corporation |
|
(unaudited, dollars in thousands except share and per share data)
| | | | | | | | |
|
| | |
| | | | Three Months Ended | | | | Nine Months Ended |
| | | | September 30, | | | | September 30, |
Interest Income | | |
| 2015 |
|
|
|
| 2014 |
|
|
|
| 2015 |
|
|
|
| 2014 |
|
Loans
| | |
$
|
84,686
| | | |
$
|
61,636
| | | |
$
|
220,314
| | | |
$
|
180,845
|
|
Securities:
| | | | | | | | | | | | | | | | |
|
Taxable interest
| | | |
18,498
| | | | |
18,884
| | | | |
56,469
| | | | |
56,866
|
|
Tax-exempt interest
| | | |
11,320
|
|
|
|
|
9,745
|
|
|
|
|
31,842
|
|
|
|
|
29,450
|
|
Total securities income
| | | |
29,818
| | | | |
28,629
| | | | |
88,311
| | | | |
86,316
|
|
Federal funds and resell agreements
| | | |
175
| | | | |
87
| | | | |
377
| | | | |
166
|
|
Interest-bearing due from banks
| | | |
475
| | | | |
426
| | | | |
1,761
| | | | |
2,015
|
|
Trading securities
| | | |
75
|
|
|
|
|
39
|
|
|
|
|
303
|
|
|
|
|
311
|
|
Total interest income
| | | |
115,229
|
|
|
|
|
90,817
|
|
|
|
|
311,066
|
|
|
|
|
269,653
|
| | | | | | | | | | | | | | | |
|
Interest Expense | | | | | | | | | | | | | | | | |
|
Deposits
| | | |
3,863
| | | | |
3,015
| | | | |
10,433
| | | | |
9,166
|
|
Federal funds and repurchase agreements
| | | |
427
| | | | |
358
| | | | |
1,389
| | | | |
1,293
|
|
Other
| | | |
1,044
|
|
|
|
|
(82
|
)
|
|
|
|
1,631
|
|
|
|
|
53
|
|
Total interest expense
| | | |
5,334
|
|
|
|
|
3,291
|
|
|
|
|
13,453
|
|
|
|
|
10,512
|
|
Net interest income
| | | |
109,895
| | | | |
87,526
| | | | |
297,613
| | | | |
259,141
|
|
Provision for loan losses
| | | |
2,500
|
|
|
|
|
4,500
|
|
|
|
|
10,500
|
|
|
|
|
14,000
|
|
Net interest income after provision for loan losses
| | | |
107,395
|
|
|
|
|
83,026
|
|
|
|
|
287,113
|
|
|
|
|
245,141
|
| | | | | | | | | | | | | | | |
|
Noninterest Income | | | | | | | | | | | | | | | | |
|
Trust and securities processing
| | | |
65,182
| | | | |
74,062
| | | | |
199,862
| | | | |
218,982
|
|
Trading and investment banking
| | | |
2,969
| | | | |
3,826
| | | | |
14,659
| | | | |
14,558
|
|
Service charges on deposits
| | | |
21,663
| | | | |
21,634
| | | | |
64,829
| | | | |
63,819
|
|
Insurance fees and commissions
| | | |
480
| | | | |
911
| | | | |
1,636
| | | | |
2,246
|
|
Brokerage fees
| | | |
2,958
| | | | |
3,276
| | | | |
8,748
| | | | |
8,166
|
|
Bankcard fees
| | | |
17,624
| | | | |
17,121
| | | | |
51,842
| | | | |
49,929
|
|
Gains on sale of securities available for sale, net
| | | |
101
| | | | |
26
| | | | |
8,404
| | | | |
4,065
|
|
Equity (loss) earnings on alternative investments
| | | |
(5,032
|
)
| | | |
2,470
| | | | |
(6,999
|
)
| | | |
8,462
|
|
Other
| | | |
3,153
|
|
|
|
|
3,149
|
|
|
|
|
10,874
|
|
|
|
|
13,213
|
|
Total noninterest income
| | | |
109,098
|
|
|
|
|
126,475
|
|
|
|
|
353,855
|
|
|
|
|
383,440
|
| | | | | | | | | | | | | | | |
|
Noninterest Expense | | | | | | | | | | | | | | | | |
|
Salaries and employee benefits
| | | |
104,733
| | | | |
90,041
| | | | |
302,855
| | | | |
268,454
|
|
Occupancy, net
| | | |
11,748
| | | | |
10,475
| | | | |
32,070
| | | | |
29,885
|
|
Equipment
| | | |
17,228
| | | | |
13,408
| | | | |
46,810
| | | | |
38,991
|
|
Supplies, postage and telephone
| | | |
5,371
| | | | |
4,817
| | | | |
14,299
| | | | |
15,008
|
|
Marketing and business development
| | | |
5,766
| | | | |
6,057
| | | | |
16,914
| | | | |
16,966
|
|
Processing fees
| | | |
12,795
| | | | |
14,085
| | | | |
38,232
| | | | |
42,553
|
|
Legal and consulting
| | | |
8,648
| | | | |
4,496
| | | | |
18,943
| | | | |
12,500
|
|
Bankcard
| | | |
5,266
| | | | |
4,097
| | | | |
14,987
| | | | |
12,782
|
|
Amortization of other intangibles
| | | |
3,483
| | | | |
3,043
| | | | |
8,807
| | | | |
9,219
|
|
Regulatory fees
| | | |
3,176
| | | | |
2,577
| | | | |
8,805
| | | | |
7,802
|
|
Contingency reserve
| | | |
-
| | | | |
-
| | | | |
-
| | | | |
20,272
|
|
Other
| | | |
7,065
|
|
|
|
|
8,055
|
|
|
|
|
18,934
|
|
|
|
|
24,851
|
|
Total noninterest expense
| | | |
185,279
| | | | |
161,151
| | | | |
521,656
| | | | |
499,283
|
| | | | | | | | | | | | | | | |
|
|
Income before income taxes
| | | |
31,214
| | | | |
48,350
| | | | |
119,312
| | | | |
129,298
|
|
Income tax provision
| | | |
8,763
|
|
|
|
|
12,720
|
|
|
|
|
32,882
|
|
|
|
|
35,583
|
| Net income | | |
$
|
22,451
|
|
|
|
$
|
35,630
|
|
|
|
$
|
86,430
|
|
|
|
$
|
93,715
|
| | | | | | | | | | | | | | | |
|
Per Share Data | | | | | | | | | | | | | | | | |
|
Net income - basic
| | |
$
|
0.46
| | | |
$
|
0.79
| | | |
$
|
1.85
| | | |
$
|
2.09
|
|
Net income – diluted
| | | |
0.46
| | | | |
0.78
| | | | |
1.84
| | | | |
2.06
|
|
Dividends
| | | |
0.235
| | | | |
0.225
| | | | |
0.705
| | | | |
0.675
|
|
Weighted average shares outstanding - basic
| | | |
48,577,282
| | | | |
44,890,309
| | | | |
46,619,428
| | | | |
44,819,125
|
|
Weighted average shares outstanding - diluted
| | | |
49,036,332
| | | | |
45,441,983
| | | | |
47,080,009
| | | | |
45,420,385
|
| | | | | | | | | | | | | | | |
|
|
|
| |
| Consolidated Statements of Comprehensive Income |
|
| UMB Financial Corporation |
|
(unaudited, dollars in thousands, except per share data)
| | | |
|
|
| |
|
| | |
| | | Three Months Ended
September 30, | | | Nine Months Ended
September 30, |
| | | 2015 |
|
|
| 2014 |
| | | 2015 |
| | | 2014 |
|
|
Net Income
| | |
$
|
22,451
| | | |
$
|
35,630
| | | |
$
|
86,430
| | | |
$
|
93,715
| |
|
Other comprehensive income, net of tax:
| | | | | | | | | | | | | | | | |
|
Unrealized gains (losses) on securities:
| | | | | | | | | | | | | | | | |
|
Change in unrealized holding gains (losses), net
| | | |
46,166
| | | | |
(24,213
|
)
| | | |
33,289
| | | | |
59,156
| |
|
Less: Reclassifications adjustment for gains included in net income
| | |
|
(101
|
)
|
|
|
|
(26
|
)
|
|
|
|
(8,404
|
)
|
|
|
|
(4,065
|
)
|
|
Change in unrealized gains (losses) on securities during the period
| | | |
46,065
| | | | |
(24,239
|
)
| | | |
24,885
| | | | |
55,091
| |
|
Income tax (expense) benefit
| | |
|
(17,394
|
)
|
|
|
|
9,165
|
|
|
|
|
(9,361
|
)
|
|
|
|
(20,624
|
)
|
|
Other comprehensive income (loss)
| | |
|
28,671
|
|
|
|
|
(15,074
|
)
|
|
|
|
15,524
|
|
|
|
|
34,467
|
|
|
Comprehensive income
| | |
$
|
51,122
|
|
|
|
$
|
20,556
|
|
|
|
$
|
101,954
|
|
|
|
$
|
128,182
|
|
| | | | | | | | | | | | | | | |
|
|
|
| | |
|
| | |
|
| | |
|
| | |
|
| | |
|
| | |
| Consolidated Statements of | | | | | | | | | | | | | | | | |
| Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| UMB Financial Corporation |
|
(unaudited, dollars in thousands, except per share data)
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | Accumulated | | | | | | | | |
| | | | | | | | | | | | | | | | Other | | | | | | | | |
| | | | Common | | | | Capital | | | | Retained | | | | Comprehensive | | | | Treasury | | | | |
| | |
| Stock |
|
|
| Surplus |
|
|
| Earnings |
|
|
| (Loss) Income |
|
|
| Stock |
|
|
| Total |
|
Balance - January 1, 2014 | | |
$
|
55,057
| | |
$
|
882,407
| | | |
$
|
884,630
| | | |
$
|
(32,640
|
)
| | |
$
|
(283,389
|
)
| | |
$
|
1,506,065
| |
|
Total comprehensive income
| | | |
-
| | | |
-
| | | | |
93,715
| | | | |
34,467
| | | | |
-
| | | | |
128,182
| |
|
Cash dividends ($0.675 per share)
| | | |
-
| | | |
-
| | | | |
(30,681
|
)
| | | |
-
| | | | |
-
| | | | |
(30,681
|
)
|
|
Purchase of treasury stock
| | | |
-
| | | |
-
| | | | |
-
| | | | |
-
| | | | |
(3,858
|
)
| | | |
(3,858
|
)
|
|
Issuance of equity awards
| | | |
-
| | | |
(2,624
|
)
| | | |
-
| | | | |
-
| | | | |
3,114
| | | | |
490
| |
|
Recognition of equity based compensation
| | | |
-
| | | |
7,224
| | | | |
-
| | | | |
-
| | | | |
-
| | | | |
7,224
| |
|
Net tax benefit related to equity compensation plans
| | | |
-
| | | |
1,507
| | | | |
-
| | | | |
-
| | | | |
-
| | | | |
1,507
| |
|
Sale of treasury stock
| | | |
-
| | | |
455
| | | | |
-
| | | | |
-
| | | | |
244
| | | | |
699
| |
|
Exercise of stock options
| | |
|
-
|
|
|
|
2,384
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
3,337
|
|
|
|
|
5,721
|
|
|
Balance – September 30, 2014 | | |
$
|
55,057
|
|
|
$
|
891,353
|
|
|
|
$
|
947,664
|
|
|
|
$
|
1,827
|
|
|
|
$
|
(280,552
|
)
|
|
|
$
|
1,615,349
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
Balance - January 1, 2015 | | |
$
|
55,057
| | |
$
|
894,602
| | | |
$
|
963,911
| | | |
$
|
11,006
| | | |
$
|
(280,818
|
)
| | |
$
|
1,643,758
| |
|
Total comprehensive income
| | | |
-
| | | |
-
| | | | |
86,430
| | | | |
15,524
| | | | |
-
| | | | |
101,954
| |
|
Cash dividends ($0.705 per share)
| | | |
-
| | | |
-
| | | | |
(34,135
|
)
| | | |
-
| | | | |
-
| | | | |
(34,135
|
)
|
|
Purchase of treasury stock
| | | |
-
| | | |
-
| | | | |
-
| | | | |
-
| | | | |
(6,172
|
)
| | | |
(6,172
|
)
|
|
Issuance of equity awards
| | | |
-
| | | |
(4,180
|
)
| | | |
-
| | | | |
-
| | | | |
4,639
| | | | |
459
| |
|
Recognition of equity based compensation
| | | |
-
| | | |
9,030
| | | | |
-
| | | | |
-
| | | | |
-
| | | | |
9,030
| |
|
Net tax benefit related to equity compensation plans
| | | |
-
| | | |
732
| | | | |
-
| | | | |
-
| | | | |
-
| | | | |
732
| |
|
Sale of treasury stock
| | | |
-
| | | |
475
| | | | |
-
| | | | |
-
| | | | |
315
| | | | |
790
| |
|
Exercise of stock options
| | | |
-
| | | |
2,089
| | | | |
-
| | | | |
-
| | | | |
2,615
| | | | |
4,704
| |
|
Common stock issuance for
Acquisition
| | |
|
-
|
|
|
|
112,635
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
67,102
|
|
|
|
|
179,737
|
|
|
Balance – September 30, 2015 | | |
$
|
55,057
|
|
|
$
|
1,015,383
|
|
|
|
$
|
1,016,206
|
|
|
|
$
|
26,530
|
|
|
|
$
|
(212,319
|
)
|
|
|
$
|
1,900,857
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
| Average Balances / Yields and Rates |
|
|
|
|
|
|
| UMB Financial Corporation |
|
|
(tax - equivalent basis)
|
|
| | |
|
| | |
|
| | |
|
| | |
|
(unaudited, dollars in thousands)
| | | | Three Months Ended September 30, |
| | |
| 2015 | | |
| 2014 |
| | | | Average | | | Average | | | | Average | | | Average |
| Assets | | |
| Balance | | | Yield/Rate | | |
| Balance | | | Yield/Rate |
|
Loans, net of unearned interest
| | |
$
|
8,933,775
| | | |
3.76
|
%
| | |
$
|
6,996,363
| | | |
3.50
| |
%
|
|
Securities:
| | | | | | | | | | | | | | | | |
|
Taxable
| | | |
4,750,122
| | | |
1.54
| | | | |
4,864,337
| | | |
1.54
| | |
|
Tax-exempt
| | | |
2,557,629
|
| | |
2.70
| | | | |
2,128,281
|
| | |
2.80
|
| |
|
Total securities
| | | |
7,307,751
| | | |
1.95
| | | | |
6,992,618
| | | |
1.92
| | |
|
Federal funds and resell agreements
| | | |
83,048
| | | |
0.84
| | | | |
61,161
| | | |
0.56
| | |
|
Interest-bearing due from banks
| | | |
481,575
| | | |
0.39
| | | | |
501,157
| | | |
0.34
| | |
|
Trading securities
| | | |
36,171
|
| | |
1.04
| | | | |
24,550
|
| | |
0.95
|
| |
|
Total earning assets
| | | |
16,842,320
| | | |
2.86
| | | | |
14,575,849
| | | |
2.62
| | |
|
Allowance for loan losses
| | | |
(78,419
|
)
| | | | | | | |
(77,347
|
)
| | | | |
|
Other assets
| | |
|
1,356,548
|
| | | | | | |
|
1,139,820
|
| | | | |
|
Total assets
| | |
$
|
18,120,449
|
| | | | | | |
$
|
15,638,322
|
| | | | |
| | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | |
|
| Liabilities and Shareholders' Equity | | | | | | | | | | | | | | | | |
|
Interest-bearing deposits
| | |
$
|
8,532,814
| | | |
0.18
|
%
| | |
$
|
7,444,093
| | | |
0.16
| |
%
|
|
Federal funds and repurchase agreements
| | | |
1,634,394
| | | |
0.10
| | | | |
1,347,665
| | | |
0.11
| | |
|
Borrowed funds
| | | |
88,468
|
| | |
4.68
| | | | |
5,728
|
| | |
(5.68
|
)
| |
|
Total interest-bearing liabilities
| | | |
10,255,676
| | | |
0.21
| | | | |
8,797,486
| | | |
0.15
| | |
|
Noninterest-bearing demand deposits
| | | |
5,800,870
| | | | | | | | |
5,060,662
| | | | | |
|
Other liabilities
| | | |
176,040
| | | | | | | | |
167,704
| | | | | |
|
Shareholders' equity
| | |
|
1,887,863
|
| | | | | | |
|
1,612,470
|
| | | | |
|
Total liabilities and shareholders' equity
| | |
$
|
18,120,449
|
| | | | | | |
$
|
15,638,322
|
| | | | |
|
Net interest spread
| | | | | | |
2.65
|
%
| | | | | | |
2.47
| |
%
|
|
Net interest margin
| | | | | | |
2.73
| | | | | | | |
2.53
| | |
| | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | |
|
| | | | Nine Months Ended September 30, |
| | |
| 2015 | | |
| 2014 |
| | | | Average | | | Average | | | | Average | | | Average |
| Assets | | |
| Balance | | | Yield/Rate | | |
| Balance | | | Yield/Rate |
|
Loans, net of unearned interest
| | |
$
|
8,163,984
| | | |
3.61
|
%
| | |
$
|
6,858,874
| | | |
3.53
| |
%
|
|
Securities:
| | | | | | | | | | | | | | | | |
|
Taxable
| | | |
4,864,016
| | | |
1.55
| | | | |
4,862,439
| | | |
1.56
| | |
|
Tax-exempt
| | | |
2,407,653
|
| | |
2.72
| | | | |
2,114,251
|
| | |
2.87
|
| |
|
Total securities
| | | |
7,271,669
| | | |
1.94
| | | | |
6,976,690
| | | |
1.96
| | |
|
Federal funds and resell agreements
| | | |
62,326
| | | |
0.81
| | | | |
40,461
| | | |
0.55
| | |
|
Interest-bearing due from banks
| | | |
665,667
| | | |
0.35
| | | | |
934,532
| | | |
0.29
| | |
|
Trading securities
| | | |
34,507
|
| | |
1.51
| | | | |
33,257
|
| | |
1.46
|
| |
|
Total earning assets
| | | |
16,198,153
| | | |
2.71
| | | | |
14,843,814
| | | |
2.57
| | |
|
Allowance for loan losses
| | | |
(77,560
|
)
| | | | | | | |
(76,100
|
)
| | | | |
|
Other assets
| | |
|
1,339,262
|
| | | | | | |
|
1,153,074
|
| | | | |
|
Total assets
| | |
$
|
17,459,855
|
| | | | | | |
$
|
15,920,788
|
| | | | |
| | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | |
|
| Liabilities and Shareholders' Equity | | | | | | | | | | | | | | | | |
|
Interest-bearing deposits
| | |
$
|
8,023,331
| | | |
0.17
|
%
| | |
$
|
7,511,115
| | | |
0.16
| |
%
|
|
Federal funds and repurchase agreements
| | | |
1,686,766
| | | |
0.11
| | | | |
1,534,966
| | | |
0.11
| | |
|
Borrowed funds
| | | |
49,169
|
| | |
4.43
| | | | |
5,735
|
| | |
1.24
|
| |
|
Total interest-bearing liabilities
| | | |
9,759,266
| | | |
0.18
| | | | |
9,051,816
| | | |
0.16
| | |
|
Noninterest-bearing demand deposits
| | | |
5,655,878
| | | | | | | | |
5,126,660
| | | | | |
|
Other liabilities
| | | |
274,845
| | | | | | | | |
160,140
| | | | | |
|
Shareholders' equity
| | |
|
1,769,866
|
| | | | | | |
|
1,582,172
|
| | | | |
|
Total liabilities and shareholders' equity
| | |
$
|
17,459,855
|
| | | | | | |
$
|
15,920,788
|
| | | | |
|
Net interest spread
| | | | | | |
2.53
|
%
| | | | | | |
2.41
| |
%
|
|
Net interest margin
| | | | | | |
2.60
| | | | | | | |
2.48
| | |
| | | | | | | | | | | | | | | | |
|
|
|
| | |
| |
|
| |
|
| |
| |
| THIRD QUARTER 2015 | | | | | | | | | | | | | | |
| FINANCIAL HIGHLIGHTS |
|
|
| UMB Financial Corporation |
|
(unaudited, dollars in thousands, except share and per share data)
| | | | | | | | | | |
| | | | | | | | | | | | | |
|
| Nine Months Ended September 30 |
|
|
| 2015 |
|
|
|
|
|
|
| 2014 |
|
|
|
Net interest income
| | |
$
|
297,613
| | | | |
$
| | |
259,141
| | |
|
Provision for loan losses
| | | |
10,500
| | | | | | | |
14,000
| | |
|
Noninterest income
| | | |
353,855
| | | | | | | |
383,440
| | |
|
Noninterest expense
| | | |
521,656
| | | | | | | |
499,283
| | |
|
Income before income taxes
| | | |
119,312
| | | | | | | |
129,298
| | |
|
Net income
| | | |
86,430
| | | | | | | |
93,715
| | |
|
Net income per share - Basic
| | | |
1.85
| | | | | | | |
2.09
| | |
|
Net income per share - Diluted
| | | |
1.84
| | | | | | | |
2.06
| | |
|
Return on average assets
| | | |
0.66
| |
%
| | | | | |
0.79
| |
%
|
|
Return on average equity
| | | |
6.53
| |
%
| | | | | |
7.92
| |
%
|
| | | | | | | | | | | | | |
|
| Three Months Ended September 30 | | | | | | | | | | | | | | |
|
Net interest income
| | |
$
|
109,895
| | | | |
$
| | |
87,526
| | |
|
Provision for loan losses
| | | |
2,500
| | | | | | | |
4,500
| | |
|
Noninterest income
| | | |
109,098
| | | | | | | |
126,475
| | |
|
Noninterest expense
| | | |
185,279
| | | | | | | |
161,151
| | |
|
Income before income taxes
| | | |
31,214
| | | | | | | |
48,350
| | |
|
Net income
| | | |
22,451
| | | | | | | |
35,630
| | |
|
Net income per share - Basic
| | | |
0.46
| | | | | | | |
0.79
| | |
|
Net income per share - Diluted
| | | |
0.46
| | | | | | | |
0.78
| | |
|
Return on average assets
| | | |
0.49
| |
%
| | | | | |
0.90
| |
%
|
|
Return on average equity
| | | |
4.72
| |
%
| | | | | |
8.77
| |
%
|
| | | | | | | | | | | | | |
|
| At September 30 | | | | | | | | | | | | | | |
|
Assets
| | |
$
|
18,597,965
| | | | |
$
| | |
16,284,028
| | |
|
Loans, net of unearned interest
| | | |
9,046,126
| | | | | | | |
7,103,163
| | |
|
Securities
| | | |
7,352,293
| | | | | | | |
7,100,746
| | |
|
Deposits
| | | |
15,061,559
| | | | | | | |
12,753,437
| | |
|
Shareholders' equity
| | | |
1,900,857
| | | | | | | |
1,615,349
| | |
|
Book value per share
| | | |
38.56
| | | | | | | |
35.51
| | |
|
Market price per share
| | | |
50.81
| | | | | | | |
54.55
| | |
|
Equity to assets
| | | |
10.22
| |
%
| | | | | |
9.92
| |
%
|
|
Allowance for loan losses
| | |
$
|
78,030
| | | | |
$
| | |
77,316
| | |
|
As a % of loans
| | | |
0.86
| |
%
| | | | | |
1.09
| |
%
|
|
Nonaccrual and restructured loans
| | |
$
|
49,955
| | | | |
$
| | |
32,662
| | |
|
As a % of loans
| | | |
0.55
| |
%
| | | | | |
0.46
| |
%
|
|
Loans over 90 days past due
| | |
$
|
2,552
| | | | |
$
| | |
4,678
| | |
|
As a % of loans
| | | |
0.03
| |
%
| | | | | |
0.07
| |
%
|
|
Other real estate owned
| | |
$
|
2,586
| | | | |
$
| | |
1,369
| | |
|
Net loan charge-offs quarter-to-date
| | |
$
|
2,192
| | | | |
$
| | |
3,985
| | |
|
As a % of average loans
| | | |
0.10
| |
%
| | | | | |
0.23
| |
%
|
|
Net loan charge-offs year-to-date
| | |
$
|
8,611
| | | | |
$
| | |
11,434
| | |
|
As a % of average loans
| | | |
0.14
| |
%
| | | | | |
0.22
| |
%
|
| | | | | | | | | | | | | |
|
|
Common shares outstanding
| | | |
49,296,991
| | | | | | | |
45,485,313
| | |
| | | | | | | | | | | | | |
|
| Average Balances | | | | | | | | | | | | | | |
| Nine Months Ended September 30 | | | | | | | | | | | | | | |
|
Assets
| | |
$
|
17,459,855
| | | | |
$
| | |
15,920,788
| | |
|
Loans, net of unearned interest
| | | |
8,163,984
| | | | | | | |
6,858,874
| | |
|
Securities
| | | |
7,306,176
| | | | | | | |
7,009,947
| | |
|
Deposits
| | | |
13,679,209
| | | | | | | |
12,637,775
| | |
|
Shareholders' equity
| | | |
1,769,866
| | | | | | | |
1,582,172
| | |
| | | | | | | | | | | | | |
|
|
|
| Business Segment Information | UMB Financial Corporation |
|
(unaudited, dollars in thousands)
|
|
| | |
|
|
| Three Months Ended September 30, 2015 |
| | | Bank |
|
| Payment
Solutions |
|
| Institutional
Investment
Management |
|
| Asset
Servicing |
|
|
| Total |
|
Net interest income
| | |
$
|
93,960
|
|
|
$
|
14,627
|
|
|
$
|
-
|
|
|
$
|
1,308
| | |
$
|
109,895
|
|
Provision for loan losses
| | | |
1,333
| | | |
1,167
| | | |
-
| | | |
-
| | | |
2,500
|
|
Noninterest income
| | | |
42,999
| | | |
22,038
| | | |
21,449
| | | |
22,612
| | | |
109,098
|
|
Noninterest expense
| | |
|
122,165
|
|
|
|
27,053
|
|
|
|
16,512
|
|
|
|
19,549
|
|
|
|
185,279
|
|
Income before taxes
| | | |
13,461
| | | |
8,445
| | | |
4,937
| | | |
4,371
| | | |
31,214
|
|
Income tax expense
| | |
|
3,731
|
|
|
|
2,393
|
|
|
|
1,408
|
|
|
|
1,231
|
|
|
|
8,763
|
|
Net income
| | |
$
|
9,730
|
|
|
$
|
6,052
|
|
|
$
|
3,529
|
|
|
$
|
3,140
|
|
|
$
|
22,451
|
| | | | | | | | | | | | | | | | | | | |
|
|
Average assets
| | |
$
|
14,120,000
| | |
$
|
2,943,000
| | |
$
|
66,000
| | |
$
|
991,000
| | |
$
|
18,120,000
|
| | | | | | |
|
| | | | | | |
|
| | | Three Months Ended September 30, 2014 |
| | | Bank |
|
| Payment
Solutions |
|
| Institutional
Investment
Management |
|
| Asset
Servicing |
|
|
| Total |
|
Net interest income
| | |
$
|
72,893
| | |
$
|
13,469
| | |
$
|
-
| | |
$
|
1,164
| | |
$
|
87,526
|
|
Provision for loan losses
| | | |
2,446
| | | |
2,054
| | | |
-
| | | |
-
| | | |
4,500
|
|
Noninterest income
| | | |
48,385
| | | |
21,579
| | | |
33,919
| | | |
22,592
| | | |
126,475
|
|
Noninterest expense
| | |
|
99,084
|
|
|
|
21,995
|
|
|
|
20,913
|
|
|
|
19,159
|
|
|
|
161,151
|
|
Income before taxes
| | | |
19,748
| | | |
10,999
| | | |
13,006
| | | |
4,597
| | | |
48,350
|
|
Income tax expense
| | |
|
5,364
|
|
|
|
2,818
|
|
|
|
3,350
|
|
|
|
1,188
|
|
|
|
12,720
|
|
Net income
| | |
$
|
14,384
|
|
|
$
|
8,181
|
|
|
$
|
9,656
|
|
|
$
|
3,409
|
|
|
$
|
35,630
|
| | | | | | | | | | | | | | | | | | | |
|
|
Average assets
| | |
$
|
11,752,000
| | |
$
|
2,744,000
| | |
$
|
72,000
| | |
$
|
1,070,000
| | |
$
|
15,638,000
|
| | | | | | | | | | | | | | | | | | | |
|
|
|
| |
| | | Nine Months Ended September 30, 2015 |
| | | Bank |
|
| Payment
Solutions |
|
| Institutional
Investment
Management |
|
| Asset
Servicing |
|
|
| Total |
|
Net interest income
| | |
$
|
252,044
|
|
|
$
|
42,260
|
|
|
$
|
1
|
|
|
$
|
3,308
|
|
|
$
|
297,613
|
|
Provision for loan losses
| | | |
5,545
| | | |
4,955
| | | |
-
| | | |
-
| | | |
10,500
|
|
Noninterest income
| | | |
142,099
| | | |
68,469
| | | |
74,217
| | | |
69,070
| | | |
353,855
|
|
Noninterest expense
| | |
|
329,951
|
|
|
|
78,131
|
|
|
|
52,768
|
|
|
|
60,806
|
|
|
|
521,656
|
|
Income before taxes
| | | |
58,647
| | | |
27,643
| | | |
21,450
| | | |
11,572
| | | |
119,312
|
|
Income tax expense
| | |
|
16,037
|
|
|
|
7,770
|
|
|
|
5,921
|
|
|
|
3,154
|
|
|
|
32,882
|
|
Net income
| | |
$
|
42,610
|
|
|
$
|
19,873
|
|
|
$
|
15,529
|
|
|
$
|
8,418
|
|
|
$
|
86,430
|
| | | | | | | | | | | | | | | | | | | |
|
|
Average assets
| | |
$
|
13,440,000
| | |
$
|
2,998,000
| | |
$
|
70,000
| | |
$
|
952,000
| | |
$
|
17,460,000
|
| | | | | | |
|
| | | Nine Months Ended September 30, 2014 |
| | | Bank |
|
| Payment
Solutions |
|
| Institutional
Investment
Management |
|
| Asset
Servicing |
|
|
| Total |
|
Net interest income
| | |
$
|
216,495
| | |
$
|
38,248
| | |
$
|
(3)
| | |
$
|
4,401
| | |
$
|
259,141
|
|
Provision for loan losses
| | | |
7,558
| | | |
6,442
| | | |
-
| | | |
-
| | | |
14,000
|
|
Noninterest income
| | | |
151,843
| | | |
62,999
| | | |
102,014
| | | |
66,584
| | | |
383,440
|
|
Noninterest expense
| | |
|
307,400
|
|
|
|
67,451
|
|
|
|
68,862
|
|
|
|
55,570
|
|
|
|
499,283
|
|
Income before taxes
| | | |
53,380
| | | |
27,354
| | | |
33,149
| | | |
15,415
| | | |
129,298
|
|
Income tax expense
| | |
|
15,167
| | |
|
7,342
| | |
|
8,883
| | |
|
4,191
| | |
|
35,583
|
|
Net income
| | |
$
|
38,213
| | |
$
|
20,012
| | |
$
|
24,266
| | |
$
|
11,224
| | |
$
|
93,715
|
| | | | | | | | | | | | | | | | | | | |
|
|
Average assets
| | |
$
|
12,023,000
| | |
$
|
2,287,000
| | |
$
|
72,000
| | |
$
|
1,539,000
| | |
$
|
15,921,000
|
| | | | | | | | | | | | | | | | | | | |
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20151027006664/en/
UMB Financial Corporation
Media Contact:
Kelli
Christman, 816-860-5088
or
Investor Relations Contact:
Kay
Gregory, 816-860-7106
Source: UMB Financial Corporation