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

KANSAS CITY, Mo--()--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 100th 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' equity $ 14,927,196       $ 13,541,398  
 
         
Consolidated Statements of Income                     UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)    
Three Months Ended Year Ended
December 31, December 31,

Interest Income

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 interest 9,779         9,422       38,224       34,766
Total securities income 28,869 29,645 119,237 119,886
Federal funds and resell agreements 32 28 121 102
Interest-bearing due from banks 367 652 1,789 3,284
Trading securities 577         623       1,147       1,305
Total interest income 84,623         85,505       339,685       343,653
 

Interest Expense

Deposits 3,973 5,660 17,416 24,628
Federal funds and repurchase agreements 482 307 1,884 1,712
Other (61 )       5       329       340
Total interest expense 4,394         5,972       19,629       26,680
Net interest income 80,229 79,533 320,056 316,973
Provision for loan losses 4,000         5,000       17,500       22,200
Net interest income after provision for loan losses 76,229         74,533       302,556       294,773
 

Noninterest Income

Trust and securities processing 58,338 51,101 225,094 208,392
Trading and investment banking 6,421 7,270 30,359 27,720
Service charges on deposits 20,503 18,990 78,694 74,659
Insurance fees and commissions 1,146 968 4,095 4,375
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 sale securities, net 210 234 20,232 16,125
Other 5,338         3,898       27,976       13,344
Total noninterest income 109,274         97,769       458,122       414,332
 

Noninterest Expense

Salaries and employee benefits 83,124 74,030 319,852 294,756
Occupancy, net 9,568 9,825 37,927 38,406
Equipment 11,466 10,593 43,465 42,728
Supplies and services 5,788 5,496 21,045 22,166
Marketing and business development 6,990 5,958 24,604 20,150
Processing fees 12,819 11,788 51,191 49,985
Legal and consulting 6,142 5,637 17,980 15,601
Bankcard 4,582 3,528 18,154 15,600
Amortization of intangible assets 3,547 3,913 14,775 16,100
Regulatory fees 2,351 2,154 9,447 10,395
Class action litigation settlement - - - 7,800
Other 11,582         9,299       32,014       29,059
Total noninterest expense 157,959 142,221 590,454 562,746
 
Income before income taxes 27,544 30,081 170,224 146,359
Income tax provision 6,484         6,815       47,507       39,887
Net income $ 21,060     $   23,266   $   122,717   $   106,472
 

Per Share Data

Net income - basic $ 0.53 $ 0.58 $ 3.07 $ 2.66
Net income – diluted 0.52 0.58 3.04 2.64
Dividends 0.215 0.205 0.830 0.790
Weighted average shares outstanding 39,996,209 39,967,448 40,034,428 40,034,435
 
   
Condensed Statements of Consolidated Comprehensive Income (Loss)     UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)      
Three Months Ended

December 31,

Year Ended

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 holding gains, net (25,456 ) 5,931 27,164 104,204
Less: Reclassifications adjustment for gains included in net income   (210 )       (234 )       (20,232 )       (16,125 )
Change in unrealized gains on securities during the period (25,666 ) 5,697 6,932 88,079
Income tax expense   9,708         (2,033 )       (2,443 )       (32,445 )
Other comprehensive (loss) income   (15,958 )       3,664         4,489         55,634  
Comprehensive income $ 5,102       $ 26,930       $ 127,206       $ 162,106  
 
                       
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       Income       Stock       Total
Balance - January 1, 2011 $ 55,057 $ 718,306 $ 623,415 $ 25,465 $ (361,383 ) $ 1,060,860
Total Comprehensive income 106,472 55,634 162,106
Cash dividends ($0.79 per share) - - (31,964 ) - - (31,964 )
Purchase of treasury stock - - - - (9,142 ) (9,142 )
Issuance of equity awards - (2,244 ) - - 2,484 240
Recognition of equity based compensation - 6,510 - - - 6,510
Net tax benefit related to equity compensation plans - 79 - - - 79
Sale of treasury stock - 295 - - 315 610
Exercise of stock options   -       353         -         -       1,480         1,833  
Balance – December 31, 2011 $ 55,057     $ 723,299       $ 697,923       $ 81,099     $ (366,246 )     $ 1,191,132  
 
Balance - January 1, 2012 $ 55,057 $ 723,299 $ 697,923 $ 81,099 $ (366,246 ) $ 1,191,132
Total Comprehensive income 122,717 4,489 127,206
Cash dividends ($0.83 per share) - - (33,625 ) - - (33,625 )
Purchase of treasury stock - - - - (20,419 ) (20,419 )
Issuance of equity awards - (1,911 ) - - 2,156 245
Recognition of equity based compensation - 6,917 - - - 6,917
Net tax benefit related to equity compensation plans - 359 - - - 359
Sale of treasury stock - 587 - - 389 976
Exercise of stock options   -       2,818         -         -       3,736         6,554  
Balance – December 31, 2012 $ 55,057     $ 732,069       $ 787,015       $ 85,588     $ (380,384 )     $ 1,279,345  
 
       
Average Balances / Yields and Rates               UMB Financial Corporation  
(tax - equivalent basis)      
(unaudited, dollars in thousands) Year Ended December 31,
  2012         2011
Average     Average       Average     Average
Assets   Balance     Yield/Rate       Balance     Yield/Rate  
Loans, net of unearned interest $ 5,251,278 4.14 % $ 4,756,165 4.61 %
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 resell agreements 26,459 0.46 31,273 0.32
Interest-bearing due from banks 547,817 0.33 837,807 0.39
Trading securities 53,227       2.34   51,927       2.64
Total earning assets 12,354,077 2.91 11,399,462 3.18
Allowance for loan losses (72,984 ) (73,002 )
Other assets   1,108,099     1,090,814  
Total assets $ 13,389,192   $ 12,417,274  
 
 
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 6,265,040 0.28 % $ 6,178,795 0.40 %
Federal funds and repurchase agreements 1,410,478 0.13 1,471,011 0.12
Borrowed funds 11,514       2.86   36,580       0.93
Total interest-bearing liabilities 7,687,032 0.26 7,686,386 0.35
Noninterest-bearing demand deposits 4,256,618 3,414,843
Other liabilities 187,258 177,420
Shareholders' equity   1,258,284     1,138,625  
Total liabilities and shareholders' equity $ 13,389,192   $ 12,417,274  
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 unearned interest $ 5,440,463 4.01 % $ 4,875,327 4.45 %
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 resell agreements 22,804 0.56 35,307 0.30
Interest-bearing due from banks 471,405 0.31 627,953 0.41
Trading securities 63,608       3.79   56,505       4.45
Total earning assets 12,820,856 2.78 11,509,078 3.11
Allowance for loan losses (72,204 ) (72,682 )
Other assets   1,132,727     1,109,799  
Total assets $ 13,881,379   $ 12,546,195  
 
 
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 6,365,088 0.25 % $ 6,022,262 0.37 %
Federal funds and repurchase agreements 1,305,573 0.15 1,248,200 0.10
Borrowed funds 5,944       (4.08 ) 41,513       0.04
Total interest-bearing liabilities 7,676,605 0.23 7,311,975 0.32
Noninterest-bearing demand deposits 4,711,790 3,863,446
Other liabilities 198,609 192,059
Shareholders' equity   1,294,375     1,178,715  
Total liabilities and shareholders' equity $ 13,881,379   $ 12,546,195  
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
Bank    

Payment

Solutions

   

Institutional
Investment
Management

   

Asset
Servicing

      Total
Net interest income $ 68,566     $ 11,227     $ -     $ 436 $ 80,229
Provision for loan losses 1,674 2,326 - - 4,000
Noninterest income 47,804 17,601 25,508 18,361 109,274
Noninterest expense   100,892       19,873       20,152       17,042       157,959
Income before taxes 13,804 6,629 5,356 1,755 27,544
Income tax expense   2,905       1,851       1,202       526       6,484
Net income $ 10,899     $ 4,778     $ 4,154     $ 1,229     $ 21,060
 
Average assets $ 11,245,000 $ 941,000 $ 79,000 $ 1,616,000 $ 13,881,000
 
 
Three Months Ended December 31, 2011
Bank    

Payment
Solutions

   

Institutional
Investment
Management

   

Asset
Servicing

      Total
Net interest income $ 68,814 $ 10,504 $ 2 $ 213 $ 79,533
Provision for loan losses 2,211 2,789 - - 5,000
Noninterest income 47,828 12,944 19,800 17,197 97,769
Noninterest expense   96,422       15,233       14,712       15,854       142,221
Income before taxes 18,009 5,426 5,090 1,556 30,081
Income tax expense   3,809       1,444       1,153       409       6,815
Net income $ 14,200     $ 3,982     $ 3,937     $ 1,147     $ 23,266
 
Average assets $ 10,635,000 $ 792,000 $ 93,000 $ 1,026,000 $ 12,546,000
 
    Year Ended December 31, 2012
Bank    

Payment

Solutions

   

Institutional
Investment
Management

   

Asset
Servicing

      Total
Net interest income $ 275,178     $ 43,351     $ 2     $ 1,525     $ 320,056
Provision for loan losses 8,098 9,402 - - 17,500
Noninterest income 216,688 65,723 100,093 75,618 458,122
Noninterest expense   383,034       68,903       70,527       67,990       590,454
Income before taxes 100,734 30,769 29,568 9,153 170,224
Income tax expense   26,533       9,430       8,269       3,275       47,507
Net income $ 74,201     $ 21,339     $ 21,299     $ 5,878     $ 122,717
 
Average assets $ 10,949,000 $ 876,000 $ 82,000 $ 1,482,000 $ 13,389,000
 
Year Ended December 31, 2011
Bank    

Payment
Solutions

   

Institutional
Investment
Management

   

Asset
Servicing

      Total
Net interest income $ 273,481 $ 42,101 $ 45 $ 1,346 $ 316,973
Provision for loan losses 11,060 11,140 - - 22,200
Noninterest income 205,877 54,702 83,955 69,798 414,332
Noninterest expense   378,065       56,367       64,050       64,264       562,746
Income before taxes 90,233 29,296 19,950 6,880 146,359
Income tax expense   23,085       9,002       5,534       2,266       39,887
Net income $ 67,148     $ 20,294     $ 14,416     $ 4,614     $ 106,472
 
Average assets $ 10,336,000 $ 717,000 $ 90,000 $ 1,274,000 $ 12,417,000

Contacts

UMB Financial Corporation
Media Contact:
Kelli Christman: 816-860-5088
or
Investor Relations Contact:
Kay McMillan, 816-860-7106

Sharing

Contacts

UMB Financial Corporation
Media Contact:
Kelli Christman: 816-860-5088
or
Investor Relations Contact:
Kay McMillan, 816-860-7106