UMB Financial Corporation Reports Record Full-Year 2012 Earnings of $122.7 Million
UMB Financial Corporation Reports Record Full-Year 2012 Earnings of $122.7
Million
Selected fourth quarter financial highlights:
* Average net loans increased 11.6 percent to $5.4 billion
* Eleventh consecutive quarter of loan growth
* Average deposits increased 12.0 percent to $11.1 billion
* Total credit and debit card purchase volume increased 8.4 percent to $1.4
billion
* Total company assets under management increased by 18.4 percent to $33.1
billion
* Tier 1 capital ratio remains strong at 11.05 percent
Business Wire
KANSAS CITY, Mo -- January 22, 2013
UMB Financial Corporation (Nasdaq: UMBF), a diversified financial holding
company, announced earnings for the three months ended December 31, 2012 of
$21.1 million or $0.53 per share ($0.52 diluted). This is a decrease of $2.2
million, or 9.5 percent, compared to fourth quarter 2011 earnings of $23.3
million or $0.58 per share ($0.58 diluted). Earnings for the year ended
December 31, 2012 were $122.7 million or $3.07 per share ($3.04 diluted). This
is an increase of $16.2 million, or 15.3 percent, compared to the prior
year-to-date earnings of $106.5 million or $2.66 per share ($2.64 diluted).
“Earnings grew 15.3 percent to $122.7 million in 2012, making it our third
record year in the last five for UMB as we close out our first century in
business,” said Mariner Kemper, Chairman and Chief Executive Officer. “2013
marks our 100^th anniversary and we believe our diverse business model will
continue to serve us well for the next century. I am pleased to report the
eleventh consecutive quarter of loan growth, with average loan balances
reaching $5.4 billion, or an increase of 11.6 percent over the same period a
year ago. Compared to the industry, the nearly 1,000 regulated depositories
that had announced fourth quarter results as of January 21 reported a median
increase in loan balances of just 1.5 percent. Noninterest income increased
$11.5 million or 11.8 percent during the fourth quarter. Negatively impacting
our expenses for the quarter was a non-cash accounting entry of $4.2 million,
compared to an entry of $1.8 million in the fourth quarter of 2011, related to
the contingent consideration liabilities on acquisitions.”
Net Interest Income and Margin
Net interest income for the fourth quarter of 2012 increased $0.7 million, or
0.9 percent, compared to the same period in 2011. Average earning assets
increased by $1.3 billion, or 11.4 percent, compared to the fourth quarter of
2011. This increase was due to a $915.7 million, or 15.3 percent, increase in
average total securities, including trading securities and a $565.1 million,
or 11.6 percent, increase in average loans offset by a $156.5 million decrease
in average interest bearing due from banks. Net interest margin decreased 27
basis points to 2.64 percent for the three months ended December 31, 2012
compared to the same quarter in 2011.
Noninterest Income and Expense
Noninterest income increased $11.5 million, or 11.8 percent, for the three
months ended December 31, 2012 compared to the same period in 2011. This
increase is primarily attributed to an increase in trust and securities
processing income of $7.2 million, or 14.2 percent, for the three months ended
December 31, 2012 compared to the same period in 2011. The increase in trust
and securities processing income was primarily due to a $4.3 million, or 28.5
percent, in advisory fee income from the Scout Funds and a $1.3 million, or
7.9 percent, increase in fund administration and custody services and a $1.4
million, or 8.5 percent, increase in fees related to institutional and
personal investment management services.
Noninterest expense increased $15.7 million, or 11.1 percent, for the three
months ended December 31, 2012 compared to the same period in 2011. This
increase is driven by higher salary and benefits expense in 2012 of $9.1
million, or 12.3 percent. The higher salaries and benefits expense is due to
increases in salaries and wages of $4.4 million, or 9.4 percent and a $2.8
million, or 25.8 percent, increase in employee benefits expense. Other expense
increased $2.3 million, or 24.6 percent, due to fair value adjustments to the
contingent consideration liabilities on acquisitions. In the fourth quarter of
2012, these adjustments totaled $4.2 million compared to $1.8 million for the
same period in 2011.
“We continue to see momentum in our diversified fee businesses and are pleased
with the 58 percent contribution to revenue they provided in the fourth
quarter,” said Peter deSilva, President and Chief Operating Officer.
“Institutional Investment Management, which is our Scout Investments business,
grew assets under management to $23.5 billion at year-end, an increase of 19.6
percent from a year ago. In our Payment Solutions segment, spending in all of
our card products increased by 8.4 percent versus the fourth quarter of 2011.
Spending on commercial credit cards grew 16 percent, and this business
continues to be a solid contributor to our fee income. Our wealth management
platform for individuals ended the quarter with assets under management of
$9.6 billion, which when combined with Scout, brought total company assets
under management to $33.1 billion at the end of the quarter, an increase of
18.4 percent compared to year-end 2011.”
Balance Sheet
Average total assets for the three months ended December 31, 2012 were $13.9
billion compared to $12.5 billion for the same period in 2011, an increase of
$1.3 billion, or 10.6 percent. Average earning assets increased by $1.3
billion for the period, or 11.4 percent.
Average loan balances for the three months ended December 31, 2012 increased
$565.1 million, or 11.6 percent, to $5.4 billion compared to the same period
in 2011. Actual loan balances on December 31, 2012 were $5.7 billion, an
increase of $726.4 million, or 14.6 percent, compared to December 31, 2011.
This increase was primarily driven by an increase in commercial loans of
$638.9 million, or 28.6 percent.
Nonperforming loans increased to $28.1 million on December 31, 2012 from $25.6
million on December 31, 2011. As a percentage of loans, nonperforming loans
decreased to 0.49 percent as of December 31, 2012 compared to 0.52 percent on
December 31, 2011. Nonperforming loans are defined as nonaccrual loans and
restructured loans. The company’s allowance for loan losses totaled $71.4
million, or 1.26 percent of loans, as of December 31, 2012 compared to $72.0
million, or 1.45 percent of loans, as of December 31, 2011.
For the three months ended December 31, 2012, average securities, including
trading securities, totaled $6.9 billion. This is an increase of $915.7
million, or 15.3 percent, from the same period in 2011.
Average total deposits increased $1.2 billion, or 12.0 percent, to $11.1
billion for the three months ended December 31, 2012 compared to the same
period in 2011. Average noninterest-bearing demand deposits increased $848.3
million, or 22.0 percent, compared to 2011. Average interest-bearing deposits
increased by $342.8 million, or 5.7 percent, in 2012 as compared to 2011.
Total deposits as of December 31, 2012 were $11.7 billion, compared to $10.2
billion as of December 31, 2011, a 14.6 percent increase. Also, as of December
31, 2012, noninterest-bearing demand deposits were 42.2 percent of total
deposits.
“We believe the strength of our balance sheet allows us to be nimble as the
economic climate changes,” said Mike Hagedorn, Chief Financial Officer. “Our
balance sheet grew 10.6 percent and average earning assets increased 11.4
percent compared to the fourth quarter of 2011. Our long-term strategy is to
reduce our overall interest rate risk and evaluate our mix of earning assets
in order to diminish our reliance on the securities portfolio. Additionally,
our capital position increased 7.4 percent. We believe that a strong balance
sheet, sound capital levels and low-cost funding are all essential to our
continued success.”
As of December 31, 2012, UMB had total shareholders’ equity of $1.3 billion,
an increase of 7.4 percent as compared to the same period in 2011.
Dividend Declaration
The Board of Directors declared during the company’s quarterly board meeting a
$0.215 quarterly cash dividend, payable on April 1, 2013, to shareholders of
record at the close of business on March 8, 2013.
Year-to-Date
Earnings for the year ended December 31, 2012 were $122.7 million or $3.07 per
share ($3.04 diluted). This is an increase of $16.2 million, or 15.3 percent,
compared to the prior year-to-date earnings of $106.5 million or $2.66 per
share ($2.64 diluted).
Net interest income for the year ended December 31, 2012 increased $3.1
million, or 1.0 percent, compared to the same period in 2011. Net interest
margin decreased to 2.75 percent for the year ended December 31, 2012 as
compared to 2.94 percent for the same period in 2011.
Noninterest income increased $43.8 million, or 10.6 percent, to $458.1 million
for the year ended December 31, 2012 as compared to the same period in 2011.
Trust and securities processing income increased $16.7 million, or 8.0
percent, for year ended December 31, 2012 as compared to the same period in
2011. Gains from the sale of securities available for sale of $20.2 million
were recognized during 2012 compared to $16.1 million for 2011. Other
noninterest income increased $14.6 million, or 109.7 percent, primarily driven
by an $8.7 million adjustment decreasing the contingent consideration
liabilities on acquisitions. These adjustments were due to the adoption of new
accounting guidance related to fair value measurements and additional changes
in cash flow projections. Fair value adjustments on interest rate swap
transactions increased $2.4 million compared to 2011. Gains of $0.6 million
were recognized on the sale of two branches during 2012.
Noninterest expense increased $27.7 million, or 4.9 percent, for the year
ended December 31, 2012 compared to the same period in 2011. Salary and
employee benefit expense increased by $25.1 million, or 8.5 percent, offset by
a $7.8 million escrow fund established during the second quarter of 2011 to
settle a class action lawsuit. Marketing and business development increased
$4.5 million compared to 2011 driven by increased advertising campaigns and
business development. Other noninterest expense increased $3.0 million, or
10.2 percent, primarily driven by an increase in contingent consideration
liabilities on acquisitions of $3.5 million compared to 2011.
Conference Call
The company plans to host a conference call to discuss its 2012 fourth quarter
and year-end earnings results on January 23, 2013, at 8:30 a.m. (CDT).
Interested parties may access the call by dialing (toll-free) 877-941-9205 or
(U.S.) 480-629-9771. The live call can also be accessed by visiting the
investor relations area of umb.com or by using the following the link:
http://event.on24.com/r.htm?e=563113&s=1&k=844A2E5EA0BE866C7D426841E92F4343
A replay of the conference call may be heard until February 6, 2013 by calling
(toll-free) 800-406-7325 or (U.S.) 303-590-3030. The replay pass code required
for playback is conference identification number 4589273. The call replay may
also be accessed via the company's website, 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,
its ability to integrate acquisitions 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.
About UMB:
UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding
company headquartered in Kansas City, Mo., offering complete banking, payment
solutions, asset servicing and institutional investment management to
customers. UMB operates banking and wealth management centers throughout
Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also
has a loan production office in Texas. Subsidiaries of the holding company
include mutual fund and alternative investment services groups, single-purpose
companies that deal with brokerage services and insurance, and a registered
investment advisor that manages the company's proprietary mutual funds and
investment advisory accounts for institutional customers. For more
information, visit 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)
December 31,
Assets 2012 2011
Loans $ 5,686,749 $ 4,960,343
Allowance for loan losses (71,426 ) (72,017 )
Net loans 5,615,323 4,888,326
Loans held for sale 3,877 10,215
Investment securities:
Available for sale 6,937,463 6,107,882
Held to maturity 114,756 89,246
Trading securities 55,764 58,142
Federal Reserve Bank Stock and other 26,333 22,212
Total investment securities 7,134,316 6,277,482
Federal funds and resell agreements 89,868 66,078
Interest-bearing due from banks 720,500 1,164,007
Cash and due from banks 667,774 446,580
Bank premises and equipment, net 244,600 227,936
Accrued income 69,749 75,997
Goodwill 209,758 211,114
Other intangibles 68,803 84,331
Other assets 102,628 89,332
Total assets $ 14,927,196 $ 13,541,398
Liabilities
Deposits:
Noninterest-bearing demand $ 4,920,581 $ 3,941,372
Interest-bearing demand and savings 5,450,450 4,680,125
Time deposits under $100,000 540,269 615,475
Time deposits of $100,000 or more 742,065 932,939
Total deposits 11,653,365 10,169,911
Federal funds and repurchase agreements 1,787,270 1,950,827
Short-term debt - 12,000
Long-term debt 5,879 6,529
Accrued expenses and taxes 182,468 186,380
Other liabilities 18,869 24,619
Total liabilities 13,647,851 12,350,266
Shareholders' Equity
Common stock 55,057 55,057
Capital surplus 732,069 723,299
Retained earnings 787,015 697,923
Accumulated other comprehensive income 85,588 81,099
Treasury stock (380,384 ) (366,246 )
Total shareholders' equity 1,279,345 1,191,132
Total liabilities and shareholders' $ 14,927,196 $ 13,541,398
equity
Consolidated
Statements of UMB Financial Corporation
Income
(unaudited, dollars in thousands
except share and per share data)
Three Months Ended Year Ended
December 31, December 31,
Interest Income 2012 2011 2012 2011
Loans $ 54,778 $ 54,557 $ 217,391 $ 219,076
Securities:
Taxable interest 19,090 20,223 81,013 85,120
Tax-exempt 9,779 9,422 38,224 34,766
interest
Total securities 28,869 29,645 119,237 119,886
income
Federal funds
and resell 32 28 121 102
agreements
Interest-bearing 367 652 1,789 3,284
due from banks
Trading 577 623 1,147 1,305
securities
Total interest 84,623 85,505 339,685 343,653
income
Interest Expense
Deposits 3,973 5,660 17,416 24,628
Federal funds
and repurchase 482 307 1,884 1,712
agreements
Other (61 ) 5 329 340
Total interest 4,394 5,972 19,629 26,680
expense
Net interest 80,229 79,533 320,056 316,973
income
Provision for 4,000 5,000 17,500 22,200
loan losses
Net interest
income after 76,229 74,533 302,556 294,773
provision for
loan losses
Noninterest
Income
Trust and
securities 58,338 51,101 225,094 208,392
processing
Trading and
investment 6,421 7,270 30,359 27,720
banking
Service charges 20,503 18,990 78,694 74,659
on deposits
Insurance fees 1,146 968 4,095 4,375
and commissions
Brokerage fees 2,782 2,410 11,105 9,950
Bankcard fees 14,536 12,898 60,567 59,767
Gains on sale of
available for 210 234 20,232 16,125
sale securities,
net
Other 5,338 3,898 27,976 13,344
Total
noninterest 109,274 97,769 458,122 414,332
income
Noninterest
Expense
Salaries and
employee 83,124 74,030 319,852 294,756
benefits
Occupancy, net 9,568 9,825 37,927 38,406
Equipment 11,466 10,593 43,465 42,728
Supplies and 5,788 5,496 21,045 22,166
services
Marketing and
business 6,990 5,958 24,604 20,150
development
Processing fees 12,819 11,788 51,191 49,985
Legal and 6,142 5,637 17,980 15,601
consulting
Bankcard 4,582 3,528 18,154 15,600
Amortization of
intangible 3,547 3,913 14,775 16,100
assets
Regulatory fees 2,351 2,154 9,447 10,395
Class action
litigation - - - 7,800
settlement
Other 11,582 9,299 32,014 29,059
Total
noninterest 157,959 142,221 590,454 562,746
expense
Income before 27,544 30,081 170,224 146,359
income taxes
Income tax 6,484 6,815 47,507 39,887
provision
Net income $ 21,060 $ 23,266 $ 122,717 $ 106,472
Per Share Data
Net income - $ 0.53 $ 0.58 $ 3.07 $ 2.66
basic
Net income – 0.52 0.58 3.04 2.64
diluted
Dividends 0.215 0.205 0.830 0.790
Weighted average
shares 39,996,209 39,967,448 40,034,428 40,034,435
outstanding
Condensed
Statements of
Consolidated UMB Financial Corporation
Comprehensive
Income (Loss)
(unaudited,
dollars in
thousands, except
per share data)
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
Net Income $ 21,060 $ 23,266 $ 122,717 $ 106,472
Other
comprehensive
income, net of
tax:
Unrealized gains
on securities:
Change in
unrealized (25,456 ) 5,931 27,164 104,204
holding gains,
net
Less:
Reclassifications
adjustment for (210 ) (234 ) (20,232 ) (16,125 )
gains included in
net income
Change in
unrealized gains (25,666 ) 5,697 6,932 88,079
on securities
during the period
Income tax 9,708 (2,033 ) (2,443 ) (32,445 )
expense
Other
comprehensive (15,958 ) 3,664 4,489 55,634
(loss) income
Comprehensive $ 5,102 $ 26,930 $ 127,206 $ 162,106
income
Consolidated
Statements of
Shareholders' UMB Financial Corporation
Equity
(unaudited, dollars in thousands, except
per share data)
Accumulated
Other
Common Capital Retained Comprehensive Treasury
Stock Surplus Earnings Income Stock Total
Balance -
January 1, $ 55,057 $ 718,306 $ 623,415 $ 25,465 $ (361,383 ) $ 1,060,860
2011
Total
Comprehensive 106,472 55,634 162,106
income
Cash
dividends - - (31,964 ) - - (31,964 )
($0.79 per
share)
Purchase of
treasury - - - - (9,142 ) (9,142 )
stock
Issuance of - (2,244 ) - - 2,484 240
equity awards
Recognition
of equity - 6,510 - - - 6,510
based
compensation
Net tax
benefit
related to - 79 - - - 79
equity
compensation
plans
Sale of
treasury - 295 - - 315 610
stock
Exercise of - 353 - - 1,480 1,833
stock options
Balance –
December 31, $ 55,057 $ 723,299 $ 697,923 $ 81,099 $ (366,246 ) $ 1,191,132
2011
Balance -
January 1, $ 55,057 $ 723,299 $ 697,923 $ 81,099 $ (366,246 ) $ 1,191,132
2012
Total
Comprehensive 122,717 4,489 127,206
income
Cash
dividends - - (33,625 ) - - (33,625 )
($0.83 per
share)
Purchase of
treasury - - - - (20,419 ) (20,419 )
stock
Issuance of - (1,911 ) - - 2,156 245
equity awards
Recognition
of equity - 6,917 - - - 6,917
based
compensation
Net tax
benefit
related to - 359 - - - 359
equity
compensation
plans
Sale of
treasury - 587 - - 389 976
stock
Exercise of - 2,818 - - 3,736 6,554
stock options
Balance –
December 31, $ 55,057 $ 732,069 $ 787,015 $ 85,588 $ (380,384 ) $ 1,279,345
2012
Average Balances / UMB Financial Corporation
Yields and Rates
(tax - equivalent
basis)
(unaudited, dollars Year Ended December 31,
in thousands)
2012 2011
Average Average Average Average
Assets Balance Yield/Rate Balance Yield/Rate
Loans, net of $ 5,251,278 4.14 % $ 4,756,165 4.61 %
unearned interest
Securities:
Taxable 4,612,510 1.76 4,224,456 2.01
Tax-exempt 1,862,786 3.11 1,497,834 3.54
Total securities 6,475,296 2.14 5,722,290 2.41
Federal funds and 26,459 0.46 31,273 0.32
resell agreements
Interest-bearing 547,817 0.33 837,807 0.39
due from banks
Trading securities 53,227 2.34 51,927 2.64
Total earning 12,354,077 2.91 11,399,462 3.18
assets
Allowance for loan (72,984 ) (73,002 )
losses
Other assets 1,108,099 1,090,814
Total assets $ 13,389,192 $ 12,417,274
Liabilities and
Shareholders'
Equity
Interest-bearing $ 6,265,040 0.28 % $ 6,178,795 0.40 %
deposits
Federal funds and
repurchase 1,410,478 0.13 1,471,011 0.12
agreements
Borrowed funds 11,514 2.86 36,580 0.93
Total
interest-bearing 7,687,032 0.26 7,686,386 0.35
liabilities
Noninterest-bearing 4,256,618 3,414,843
demand deposits
Other liabilities 187,258 177,420
Shareholders' 1,258,284 1,138,625
equity
Total liabilities
and shareholders' $ 13,389,192 $ 12,417,274
equity
Net interest spread 2.65 % 2.83 %
Net interest margin 2.75 2.94
Three Months Ended December 31,
2012 2011
Average Average Average Average
Assets Balance Yield/Rate Balance Yield/Rate
Loans, net of $ 5,440,463 4.01 % $ 4,875,327 4.45 %
unearned interest
Securities:
Taxable 4,871,764 1.56 4,209,819 1.91
Tax-exempt 1,950,812 2.98 1,704,167 3.33
Total securities 6,822,576 1.98 5,913,986 2.32
Federal funds and 22,804 0.56 35,307 0.30
resell agreements
Interest-bearing 471,405 0.31 627,953 0.41
due from banks
Trading securities 63,608 3.79 56,505 4.45
Total earning 12,820,856 2.78 11,509,078 3.11
assets
Allowance for loan (72,204 ) (72,682 )
losses
Other assets 1,132,727 1,109,799
Total assets $ 13,881,379 $ 12,546,195
Liabilities and
Shareholders'
Equity
Interest-bearing $ 6,365,088 0.25 % $ 6,022,262 0.37 %
deposits
Federal funds and
repurchase 1,305,573 0.15 1,248,200 0.10
agreements
Borrowed funds 5,944 (4.08 ) 41,513 0.04
Total
interest-bearing 7,676,605 0.23 7,311,975 0.32
liabilities
Noninterest-bearing 4,711,790 3,863,446
demand deposits
Other liabilities 198,609 192,059
Shareholders' 1,294,375 1,178,715
equity
Total liabilities
and shareholders' $ 13,881,379 $ 12,546,195
equity
Net interest spread 2.55 % 2.79 %
Net interest margin 2.64 2.91
FOURTH QUARTER 2012
FINANCIAL HIGHLIGHTS UMB Financial Corporation
(unaudited, dollars in thousands, except share and per
share data)
Year Ended December 31 2012 2011
Net interest income $ 320,056 $ 316,973
Provision for loan losses 17,500 22,200
Noninterest income 458,122 414,332
Noninterest expense 590,454 562,746
Income before income taxes 170,224 146,359
Net income 122,717 106,472
Net income per share - Basic 3.07 2.66
Net income per share - Diluted 3.04 2.64
Return on average assets 0.92 % 0.86 %
Return on average equity 9.75 % 9.35 %
Three Months Ended December 31
Net interest income $ 80,229 $ 79,533
Provision for loan losses 4,000 5,000
Noninterest income 109,274 97,769
Noninterest expense 157,959 142,221
Income before income taxes 27,544 30,081
Net income 21,060 23,266
Net income per share - Basic 0.53 0.58
Net income per share - Diluted 0.52 0.58
Return on average assets 0.60 % 0.74 %
Return on average equity 6.47 % 7.83 %
At December 31
Assets $ 14,927,196 $ 13,541,398
Loans, net of unearned interest 5,686,749 4,960,343
Securities 7,134,316 6,277,482
Deposits 11,653,365 10,169,911
Shareholders' equity 1,279,345 1,191,132
Book value per share 31.71 29.46
Market price per share 43.82 37.25
Equity to assets 8.57 % 8.80 %
Allowance for loan losses $ 71,426 $ 72,017
As a % of loans 1.26 % 1.45 %
Nonaccrual and restructured loans $ 28,103 $ 25,581
As a % of loans 0.49 % 0.52 %
Loans over 90 days past due $ 3,554 $ 5,998
As a % of loans 0.06 % 0.12 %
Other real estate owned $ 3,524 $ 5,959
Net loan charge-offs quarter-to-date $ 3,941 $ 5,859
As a % of average loans 0.29 % 0.48 %
Net loan charge-offs year-to-date $ 18,091 $ 24,135
As a % of average loans 0.35 % 0.51 %
Common shares outstanding 40,340,878 40,426,342
Average Balances
Year Ended December 31
Assets $ 13,389,192 $ 12,417,274
Loans, net of unearned interest 5,251,278 4,756,165
Securities 6,528,523 5,774,217
Deposits 10,521,658 9,593,638
Shareholders' equity 1,258,284 1,138,625
Business Segment Information UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended December 31, 2012
Payment Institutional Asset
Bank Investment Servicing Total
Solutions Management
Net
interest $ 68,566 $ 11,227 $ - $ 436 $ 80,229
income
Provision
for loan 1,674 2,326 - - 4,000
losses
Noninterest 47,804 17,601 25,508 18,361 109,274
income
Noninterest 100,892 19,873 20,152 17,042 157,959
expense
Income
before 13,804 6,629 5,356 1,755 27,544
taxes
Income tax 2,905 1,851 1,202 526 6,484
expense
Net income $ 10,899 $ 4,778 $ 4,154 $ 1,229 $ 21,060
Average $ 11,245,000 $ 941,000 $ 79,000 $ 1,616,000 $ 13,881,000
assets
Three Months Ended December 31, 2011
Payment Institutional Asset
Bank Solutions Investment Servicing Total
Management
Net
interest $ 68,814 $ 10,504 $ 2 $ 213 $ 79,533
income
Provision
for loan 2,211 2,789 - - 5,000
losses
Noninterest 47,828 12,944 19,800 17,197 97,769
income
Noninterest 96,422 15,233 14,712 15,854 142,221
expense
Income
before 18,009 5,426 5,090 1,556 30,081
taxes
Income tax 3,809 1,444 1,153 409 6,815
expense
Net income $ 14,200 $ 3,982 $ 3,937 $ 1,147 $ 23,266
Average $ 10,635,000 $ 792,000 $ 93,000 $ 1,026,000 $ 12,546,000
assets
Year Ended December 31, 2012
Payment Institutional Asset
Bank Investment Servicing Total
Solutions Management
Net
interest $ 275,178 $ 43,351 $ 2 $ 1,525 $ 320,056
income
Provision
for loan 8,098 9,402 - - 17,500
losses
Noninterest 216,688 65,723 100,093 75,618 458,122
income
Noninterest 383,034 68,903 70,527 67,990 590,454
expense
Income
before 100,734 30,769 29,568 9,153 170,224
taxes
Income tax 26,533 9,430 8,269 3,275 47,507
expense
Net income $ 74,201 $ 21,339 $ 21,299 $ 5,878 $ 122,717
Average $ 10,949,000 $ 876,000 $ 82,000 $ 1,482,000 $ 13,389,000
assets
Year Ended December 31, 2011
Payment Institutional Asset
Bank Solutions Investment Servicing Total
Management
Net
interest $ 273,481 $ 42,101 $ 45 $ 1,346 $ 316,973
income
Provision
for loan 11,060 11,140 - - 22,200
losses
Noninterest 205,877 54,702 83,955 69,798 414,332
income
Noninterest 378,065 56,367 64,050 64,264 562,746
expense
Income
before 90,233 29,296 19,950 6,880 146,359
taxes
Income tax 23,085 9,002 5,534 2,266 39,887
expense
Net income $ 67,148 $ 20,294 $ 14,416 $ 4,614 $ 106,472
Average $ 10,336,000 $ 717,000 $ 90,000 $ 1,274,000 $ 12,417,000
assets
Contact:
UMB Financial Corporation
Media Contact:
Kelli Christman: 816-860-5088
or
Investor Relations Contact:
Kay McMillan, 816-860-7106
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