UMB Financial Corporation (Nasdaq: UMBF), a diversified financial holding company, announced earnings for the three months ended December 31, 2013 of $34.7 million or $0.78 per share ($0.77 diluted). This is an increase of $13.6 million, or 64.6 percent, compared to fourth quarter 2012 earnings of $21.1 million or $0.53 per share ($0.52 diluted). Earnings for the year ended December 31, 2013 were $134.0 million or $3.25 per share ($3.20 diluted). This is an increase of $11.2 million, or 9.2 percent, compared to the prior year-to-date earnings of $122.7 million or $3.07 per share ($3.04 diluted).

"Fourth quarter results finished 2013, our 100th Anniversary year, with positive momentum and helped the company post record net income of $134.0 million for the year," said Mariner Kemper, Chairman and Chief Executive Officer. "The fourth quarter results were driven primarily by loan growth, solid revenue increase for Institutional Investment Management and unrealized gains of $13.0 million in market adjustments to Prairie Capital investments. Expense growth for the year was limited to 5.7 percent, and expenses in 2013 included an $11.3 million charge related to the contingent consideration liability for two past acquisitions. Net loan balances at the end of the fourth quarter were $6.4 billion, an increase of 14.8 percent compared to the fourth quarter 2012. This marks our fifteenth consecutive quarter of year-over-year loan growth, the past eight of which were double-digit percentage increases. Finally, credit quality remains outstanding with fourth quarter net loan charge offs at just 0.26 percent of average loans."

Net Interest Income and Margin

Net interest income for the fourth quarter 2013 increased $5.7 million, or 7.1 percent, compared to the same period in 2012. Average earning assets increased $1.6 billion, or 12.7 percent, compared to the fourth quarter of 2012. This increase was primarily due to a $1.0 billion, or 19.2 percent, increase in average loans, and a $440.2 million, or 93.4 percent, increase in average interest bearing due from banks. Net interest margin decreased 13 basis points to 2.51 percent for the three months ended December 31, 2013, compared to the same quarter in 2012.

Noninterest Income and Expense

Noninterest income increased $26.3 million, or 24.1 percent, for the three months ended December 31, 2013, compared to the same period in 2012. This increase is attributable to an increase in trust and securities processing income of $13.3 million, or 22.9 percent, for the three months ended December 31, 2013 compared to the same period in 2012. The increase in trust and securities processing income was primarily due to a $6.1 million, or 31.6 percent, increase in advisory fee income from the Scout Funds, a $4.7 million, or 25.7 percent, increase in fees related to institutional and personal investment management services, and a $2.1 million, or 11.6 percent, increase in fee income from fund administration and custody services. Equity earnings on alternative investments increased $14.7 million for the three months ended December 31, 2013 primarily due to $13.0 million of unrealized gains on Prairie Capital Management equity method investments. These increases are offset by a decrease in trading and investment banking income of $2.1 million, or 32.8 percent, due to a general decline in trading volume.

Noninterest expense increased $12.5 million, or 7.9 percent, for the three months ended December 31, 2013, compared to the same period in 2012. This increase is primarily driven by higher salary and employee benefits expense of $5.6 million, or 6.7 percent. This increase is due to increases in salaries and wages of $2.7 million, or 5.3 percent, and a $2.3 million, or 12.9 percent, increase in commissions and bonuses. Processing fees increased $2.1 million, or 16.5 percent, due primarily to fees paid by the advisor to third-party distributors of the Scout Funds. Equipment expense increased $1.7 million, or 15.1 percent, driven by increased computer hardware and software expense. Other noninterest expense increased $3.3 million, or 28.7 percent, due to a $2.7 million increase in fair value adjustments on contingent consideration liabilities over the fourth quarter of 2012.

"In 2013, we continued to demonstrate the importance of our fee-based revenue to our successful business model," said Peter deSilva, President and Chief Operating Officer. "Our strong fourth quarter results were driven by a 24.1 percent increase in noninterest income, led by our asset management and asset servicing businesses. Net inflows in our Institutional Investment Management segment were $5.3 billion for the year, driving assets under management to $31.2 billion at quarter end, an increase of 32.4 percent compared to a year ago. An increasingly valuable segment to our company, net income from Institutional Investment Management was 20.9 percent of the company's earnings for the year. Total company assets under management increased 27.9 percent to $41.4 billion. Assets under administration in our Asset Servicing segment increased 22.4 percent to $191.0 billion at the end of 2013 compared to $156.0 billion at the end of 2012. In Healthcare Services, the number of health savings accounts increased 38.7 percent, bringing with them an increase of 49.2 percent in customer deposits and investment assets for the year. We are extremely pleased with the continued growth of this business. "

Balance Sheet

Average total assets for the three months ended December 31, 2013 were $15.5 billion compared to $13.9 billion for the same period in 2012, an increase of $1.7 billion, or 11.9 percent. Average earning assets increased by $1.6 billion for the period, or 12.7 percent.

Average loan balances for the three months ended December 31, 2013 increased $1.0 billion, or 19.2 percent, to $6.5 billion compared to the same period in 2012. Actual gross loan balances on December 31, 2013 were $6.5 billion, an increase of $0.8 billion, or 14.7 percent, compared to December 31, 2012. This increase was primarily driven by an increase in commercial loans of $427.8 million, or 14.9 percent, and a $266.3 million, or 18.6 percent, increase in commercial real estate loans. Nonperforming loans increased to $30.7 million on December 31, 2013 from $28.1 million on December 31, 2012. As a percentage of loans, nonperforming loans decreased to 0.47 percent as of December 31, 2013, compared to 0.49 percent on December 31, 2012. The company's allowance for loan losses totaled $74.8 million, or 1.15 percent of loans, as of December 31, 2013, compared to $71.4 million, or 1.26 percent of loans, as of December 31, 2012.

For the three months ended December 31, 2013, average securities, including trading securities, totaled $7.0 billion. This is an increase of $120.6 million, or 1.8 percent, from the same period in 2012.

Average total deposits increased $1.6 billion, or 14.6 percent, to $12.7 billion for the three months ended December 31, 2013, compared to the same period in 2012. Average noninterest-bearing demand deposits increased $191.6 million, or 4.1 percent, compared to 2012. Average interest-bearing deposits increased by $1.4 billion, or 22.5 percent, in 2013 as compared to 2012. Total actual deposits as of December 31, 2013 were $13.6 billion, compared to $11.7 billion as of December 31, 2012, a 17.1 percent increase. Also, as of December 31, 2013, noninterest-bearing demand deposits were 38.0 percent of total deposits, compared to 42.2 percent as of December 31, 2012.

As of December 31, 2013, UMB had total shareholders' equity of $1.5 billion, which is a 17.7 percent increase as compared to the same period in 2012. On September 16, 2013, UMB completed the issuance of 3.9 million shares of common stock with net proceeds of $201.2 million. On October 17, 2013, an additional 585 thousand shares were issued with net proceeds of $30.2 million. The total increase in shareholder's equity as a result of the common stock issuance was $231.4 million for the year ended December 31, 2013.

"At the end of 2013, our balance sheet was 13.3 percent larger than it was at the end of 2012, and the mix of earning assets changed slightly," said Mike Hagedorn, Chief Financial Officer. "Net loans increased 14.8 percent while our securities portfolio decreased 2.5 percent, reflecting our strategy to rotate earning assets into loans and out of our investment portfolio. Our bias is toward shortening and shrinking the investment portfolio and putting more deposits to work in loans, positioning the balance sheet to capitalize on a rising interest rate environment."

Year-to-Date

Earnings for the year ended December 31, 2013 were $134.0 million or $3.25 per share ($3.20 diluted). This is an increase of $11.2 million, or 9.2 percent, compared to the prior year-to-date earnings of $122.7 million or $3.07 per share ($3.04 diluted).

Net interest income for the year ended December 31, 2013 increased $13.2 million, or 4.1 percent, compared to the same period in 2012. Net interest margin decreased to 2.55 percent for the year ended December 31, 2013 as compared to 2.75 percent for the same period in 2012.

Noninterest income increased $33.7 million, or 7.4 percent, to $491.8 million for the year ended December 31, 2013 as compared to the same period in 2012. Trust and securities processing income increased $40.9 million, or 18.2 percent, for the year ended December 31, 2013, compared to the same period in 2012. The increase in trust and securities processing income was primarily due to a $21.5 million, or 29.9 percent, increase in advisory fee income from the Scout Funds, a $5.4 million, or 7.3 percent, increase in fee income from fund administration and custody services, and a $12.7 million, or 18.2 percent, increase in fees related to institutional and personal investment management services. Equity earnings on alternative investments increased $18.6 million for the year ended December 31, 2013 primarily due to $17.0 million of unrealized gains on Prairie Capital Management equity method investments. These increases are offset by decreases in trading and investment banking income, gains on sales of available for sale securities and other noninterest income. Trading and investment banking income decreased $9.7 million, or 32.0 percent, due to a general decline in trading volume. Gains of $8.5 million on securities available for sale were recognized during the year ended December 31, 2013 compared to $20.2 million during the same period in 2012. Other noninterest income decreased $11.3 million primarily due to an $8.7 million reduction in contingent consideration liabilities on acquisitions recognized in 2012. These adjustments were due to the adoption of new accounting guidance in 2012 related to fair value measurements and changes in cash flow projections.

Noninterest expense increased $33.7 million, or 5.7 percent, for the year ended December 31, 2013 compared to the same period in 2012. This increase is primarily driven by an increase of $19.8 million, or 6.2 percent, in salary and employee benefit expense, a $6.6 million, or 12.9 percent, increase in processing fees primarily driven by fees paid by the advisor to third-party distributors of the Scout Funds, and a $5.7 million, or 13.2 percent, increase in equipment expense driven by increased computer hardware and software expense. Other noninterest expense increased $3.7 million, or 11.4 percent, due to a $5.2 million increase in contingent consideration liabilities on acquisitions, offset by a $4.0 million decrease in derivatives expense.

Dividend Declaration

At the company's quarterly board meeting, the Board of Directors declared a $0.225 quarterly cash dividend payable on April 1, 2014, to shareholders of record at the close of business on March 10, 2014.

Conference Call

The company plans to host a conference call to discuss its 2013 fourth quarter and year-end earnings results on January 29, 2014, at 8:30 a.m. (CST).

Interested parties may access the call by dialing (toll-free) 800.762.8779 or (U.S.) 480.629.9645. 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=736553&s=1&k=24850B35D935B3184BB90FE8F8BCDFD3

A replay of the conference call may be heard until Feb. 12, 2014, by calling (toll-free) 800.406.7325 or (U.S.) 303.590.3030. The replay pass code required for playback is conference identification number 4660496. 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, 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. 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, 2012, 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 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. 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, 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)
December 31,

Assets

       2013                 2012
               
Loans $ 6,520,512 $ 5,686,749
Allowance for loan losses   (74,751 )                   (71,426 )
Net loans   6,445,761                     5,615,323  
Loans held for sale 1,357 3,877
Investment securities:
Available for sale 6,762,411 6,937,463
Held to maturity 209,770 114,756
Trading securities 28,464 55,764
Federal Reserve Bank Stock and other   50,482                     26,333  
Total investment securities   7,051,127                     7,134,316  
Federal funds and resell agreements 87,018 89,868
Interest-bearing due from banks 2,093,467 720,500
Cash and due from banks 521,001 667,774
Bank premises and equipment, net 249,689 244,600
Accrued income 78,216 69,749
Goodwill 209,758 209,758
Other intangibles 55,585 68,803
Other assets   118,873                     102,628  
Total assets $ 16,911,852                   $ 14,927,196  
 
 

Liabilities

Deposits:
Noninterest-bearing demand $ 5,189,998 $ 4,920,581
Interest-bearing demand and savings 7,001,126 5,450,450
Time deposits under $100,000 491,792 540,269
Time deposits of $100,000 or more   957,850                     742,065  
Total deposits   13,640,766                     11,653,365  
Federal funds and repurchase agreements 1,583,218 1,787,270
Short-term debt 107 -
Long-term debt 5,055 5,879
Accrued expenses and taxes 153,450 182,468
Other liabilities   23,191                     18,869  
Total liabilities   15,405,787                     13,647,851  
 

Shareholders' Equity

Common stock 55,057 55,057
Capital surplus 882,407 732,069
Retained earnings 884,630 787,015
Accumulated other comprehensive income (32,640 ) 85,588
Treasury stock   (283,389 )                   (380,384 )
Total shareholders' equity   1,506,065                     1,279,345  
Total liabilities and shareholders' equity $ 16,911,852                   $ 14,927,196  
 
 
     
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

2013         2012         2013         2012
Loans $ 59,206 $ 54,778 $ 229,665 $ 217,391
Securities:
Taxable interest 18,881 19,090 75,202 81,013
Tax-exempt interest 10,183           9,779           40,399         38,224
Total securities income 29,064 28,869 115,601 119,237
Federal funds and resell agreements 67 32 193 121
Interest-bearing due from banks 642 367 1,918 1,789
Trading securities 152           577           964         1,147
Total interest income 89,131           84,623           348,341         339,685
 

Interest Expense

Deposits 2,961 3,973 13,183 17,416
Federal funds and repurchase agreements 296 482 1,739 1,884
Other (40 )         (61 )         150         329
Total interest expense 3,217           4,394           15,072         19,629
Net interest income 85,914 80,229 333,269 320,056
Provision for loan losses 4,000           4,000           17,500         17,500
Net interest income after provision for loan losses 81,914           76,229           315,769         302,556
 

Noninterest Income

Trust and securities processing 71,685 58,338 265,948 225,094
Trading and investment banking 4,317 6,421 20,641 30,359
Service charges on deposits 20,692 20,503 84,133 78,694
Insurance fees and commissions 661 1,146 3,727 4,095
Brokerage fees 2,743 2,782 11,470 11,105
Bankcard fees 14,365 14,536 62,031 60,567
Gains on sale of available for sale securities, net (10 ) 210 8,542 20,232
Equity earnings on alternative investments 15,100 422 19,048 422
Other 6,054           4,916           16,293         27,554
Total noninterest income 135,607           109,274           491,833         458,122
 

Noninterest Expense

Salaries and employee benefits 88,691 83,124 339,691 319,852
Occupancy, net 10,116 9,568 39,291 37,927
Equipment 13,195 11,466 49,207 43,465
Supplies and services 5,777 5,788 20,387 21,045
Marketing and business development 7,190 6,990 22,703 24,604
Processing fees 14,936 12,819 57,791 51,191
Legal and consulting 5,826 6,142 18,703 17,980
Bankcard 4,563 4,582 18,381 18,154
Amortization of intangible assets 3,164 3,547 13,218 14,775
Regulatory fees 2,064 2,351 9,129 9,447
Other 14,904           11,582           35,677         32,014
Total noninterest expense 170,426 157,959 624,178 590,454
 
Income before income taxes 47,095 27,544 183,424 170,224
Income tax provision 12,432           6,484           49,459         47,507
Net income $ 34,663         $ 21,060         $ 133,965       $ 122,717
 

Per Share Data

Net income - basic $ 0.78 $ 0.53 $ 3.25 $ 3.07
Net income - diluted 0.77 0.52 3.20 3.04
Dividends 0.225 0.215 0.870 0.830
Weighted average shares outstanding 44,511,742 39,996,209 41,275,839 40,034,428
 
 
     
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,

2013       2012       2013       2012
Net Income $ 34,663       $ 21,060 $ 133,965 $ 122,717
Other comprehensive income, net of tax:
Unrealized gains on securities:
Change in unrealized holding (losses) gains, net (26,769 ) (25,456 ) (178,500 ) 27,164

Less: Reclassifications adjustment for losses (gains) included in net income

  10           (210 )         (8,542 )         (20,232 )
Change in unrealized (losses) gains on securities during the period (26,759 ) (25,666 ) (187,042 ) 6,932
Income tax benefit (expense)   9,804           9,708           68,814           (2,443 )
Other comprehensive (loss) income   (16,955 )         (15,958 )         (118,228 )         4,489  
Comprehensive income $ 17,708         $ 5,102         $ 15,737         $ 127,206  
 
 
                 
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, 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  
 
Balance - January 1, 2013 $ 55,057 $ 732,069 $ 787,015 $ 85,588 $ (380,384 ) $ 1,279,345
Total Comprehensive income 133,965 (118,228 ) 15,737
Cash dividends ($0.87 per share) - - (36,350 ) - - (36,350 )
Purchase of treasury stock - - - - (3,501 ) (3,501 )
Issuance of equity awards - (1,651 ) - - 2,101 450
Recognition of equity based compensation - 7,936 - - - 7,936
Net tax benefit related to equity compensation plans - 1,224 - - - 1,224
Sale of treasury stock - 520 - - 256 776
Exercise of stock options - 3,986 - - 5,032 9,018
Common stock issuance   -         138,323                               93,107           231,430  
Balance - December 31, 2013 $ 55,057       $ 882,407         $ 884,630         $ (32,640 )       $ (283,389 )       $ 1,506,065  
 
 
           
Average Balances / Yields and Rates UMB Financial Corporation
(tax - equivalent basis)            
(unaudited, dollars in thousands) Year Ended December 31,
  2013   2012
Average Average Average Average
Assets   Balance       Yield/Rate           Balance       Yield/Rate  
Loans, net of unearned interest $ 6,221,318 3.69 % $ 5,251,278 4.14 %
Securities:
Taxable 4,876,304 1.54 4,612,510 1.76
Tax-exempt 2,102,216         2.97   1,862,786         3.11  
Total securities 6,978,520 1.97 6,475,296 2.14
Federal funds and resell agreements 36,589 0.53 26,459 0.46
Interest-bearing due from banks 663,818 0.29 547,817 0.33
Trading securities 56,022         1.90   53,227         2.34  
Total earning assets 13,956,267 2.66 12,354,077 2.91
Allowance for loan losses (72,370 ) (72,984 )
Other assets   1,146,865     1,108,099  
Total assets $ 15,030,762   $ 13,389,192  
 
 
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 7,220,675 0.18 % $ 6,265,040 0.28 %
Federal funds and repurchase agreements 1,613,584 0.11 1,410,478 0.13
Borrowed funds 4,972         3.02   11,514         2.86  
Total interest-bearing liabilities 8,839,231 0.17 7,687,032 0.26
Noninterest-bearing demand deposits 4,709,643 4,256,618
Other liabilities 144,781 187,258
Shareholders' equity   1,337,107     1,258,284  
Total liabilities and shareholders' equity $ 15,030,762   $ 13,389,192  
Net interest spread 2.49 % 2.65 %
Net interest margin 2.55 2.75
 
 
Three Months Ended December 31,
  2013   2012
Average Average Average Average
Assets   Balance       Yield/Rate           Balance       Yield/Rate  
Loans, net of unearned interest $ 6,483,711 3.62 % $ 5,440,463 4.01 %
Securities:
Taxable 4,820,959 1.55 4,871,764 1.56
Tax-exempt 2,148,904         2.91   1,950,812         2.98  
Total securities 6,969,863 1.97 6,822,576 1.98
Federal funds and resell agreements 51,635 0.51 22,804 0.56
Interest-bearing due from banks 911,623 0.28 471,405 0.31
Trading securities 36,888         1.93   63,608         3.79  
Total earning assets 14,453,720 2.60 12,820,856 2.78
Allowance for loan losses (75,135 ) (72,204 )
Other assets   1,155,176     1,132,727  
Total assets $ 15,533,761   $ 13,881,379  
 
 
Liabilities and Shareholders' Equity
Interest-bearing deposits $ 7,795,495 0.15 % $ 6,365,088 0.25 %
Federal funds and repurchase agreements 1,172,917 0.10 1,305,573 0.15
Borrowed funds 5,223         (2.96 ) 5,944         (4.08 )
Total interest-bearing liabilities 8,973,635 0.14 7,676,605 0.23
Noninterest-bearing demand deposits 4,903,429 4,711,790
Other liabilities 142,552 198,609
Shareholders' equity   1,514,145     1,294,375  
Total liabilities and shareholders' equity $ 15,533,761   $ 13,881,379  
Net interest spread 2.47 % 2.55 %
Net interest margin 2.51 2.64
 
 
                       
FOURTH QUARTER 2013
FINANCIAL HIGHLIGHTS         UMB Financial Corporation
(unaudited, dollars in thousands, except share and per share data)
 
Year Ended December 31   2013                       2012  
Net interest income $ 333,269 $

320,056

Provision for loan losses 17,500 17,500
Noninterest income 491,833 458,122
Noninterest expense 624,178 590,454
Income before income taxes 183,424 170,224
Net income 133,965 122,717
Net income per share - Basic 3.25 3.07
Net income per share - Diluted 3.20 3.04
Return on average assets 0.89 % 0.92 %
Return on average equity 10.02 % 9.75 %
 
Three Months Ended December 31
Net interest income $ 85,914 $ 80,229
Provision for loan losses 4,000 4,000
Noninterest income 135,607 109,274
Noninterest expense 170,426 157,959
Income before income taxes 47,095 27,544
Net income 34,663 21,060
Net income per share - Basic 0.78 0.53
Net income per share - Diluted 0.77 0.52
Return on average assets 0.89 % 0.60 %
Return on average equity 9.08 % 6.47 %
 
At December 31
Assets $ 16,911,852 $ 14,927,196
Loans, net of unearned interest 6,520,512 5,686,749
Securities 7,051,127 7,134,316
Deposits 13,640,766 11,653,365
Shareholders' equity 1,506,065 1,279,345
Book value per share 33.30 31.71
Market price per share 64.28 43.82
Equity to assets 8.91 % 8.57 %
Allowance for loan losses $ 74,751 $ 71,426
As a % of loans 1.15 % 1.26 %
Nonaccrual and restructured loans $ 30,706 $ 28,103
As a % of loans 0.47 % 0.49 %
Loans over 90 days past due $ 3,218 $ 3,554
As a % of loans 0.05 % 0.06 %
Other real estate owned $ 1,288 $ 3,524
Net loan charge-offs quarter-to-date $ 4,187 $ 3,941
As a % of average loans 0.26 % 0.29 %
Net loan charge-offs year-to-date $ 14,175 $ 18,091
As a % of average loans 0.23 % 0.35 %
 
Common shares outstanding 45,221,237 40,340,878
 
Average Balances
Year Ended December 31
Assets $ 15,030,762 $ 13,389,192
Loans, net of unearned interest 6,221,318 5,251,278
Securities 7,034,542 6,528,523
Deposits 11,930,318 10,521,658
Shareholders' equity 1,337,107 1,258,284
 
 
 
Business Segment Information UMB Financial Corporation
(unaudited, dollars in thousands)
 
      Three Months Ended December 31, 2013
Bank      

Payment

Solutions

      

Institutional

Investment

Management

      

Asset

Servicing

       Total
Net interest income $ 73,874       $ 11,505       $ (10 )       $ 545       $ 85,914
Provision for loan losses 1,340 2,660 - - 4,000
Noninterest income 62,405 17,737 34,893 20,572 135,607
Noninterest expense   99,139         23,121         29,583           18,583         170,426
Income before taxes 35,800 3,461 5,300 2,534 47,095
Income tax expense   8,905         1,271         1,127           1,129         12,432
Net income $ 26,895       $ 2,190       $ 4,173         $ 1,405       $ 34,663
 
Average assets $ 11,151,000 $ 1,832,000 $ 77,000 $ 2,474,000 $ 15,534,000
 
 
Three Months Ended December 31, 2012
Bank      

Payment

Solutions

      

Institutional

Investment

Management

      

Asset

Servicing

       Total
Net interest income $ 68,468 $ 11,227 $ - $ 534 $ 80,229
Provision for loan losses 2,281 1,719 - - 4,000
Noninterest income 47,800 17,601 25,511 18,362 109,274
Noninterest expense   100,682         19,866         20,137           17,274         157,959
Income before taxes 13,305 7,243 5,374 1,622 27,544
Income tax expense   2,956         1,833         1,204           491         6,484
Net income $ 10,349       $ 5,410       $ 4,170         $ 1,131       $ 21,060
 
Average assets $ 11,245,000 $ 941,000 $ 79,000 $ 1,616,000 $ 13,881,000
 
 
     
Year Ended December 31, 2013
Bank      

Payment

Solutions

      

Institutional

Investment

Management

      

Asset

Servicing

       Total
Net interest income $ 285,112       $ 45,832       $ (32 )       $ 2,357       $ 333,269
Provision for loan losses 5,112 12,388 - - 17,500
Noninterest income 210,535 74,223 126,442 80,633 491,833
Noninterest expense   376,365         86,746         88,336           72,731         624,178
Income before taxes 114,170 20,921 38,074 10,259 183,424
Income tax expense   28,532         6,732         10,011           4,184         49,459
Net income $ 85,638       $ 14,189       $ 28,063         $ 6,075       $ 133,965
 
Average assets $ 11,148,000 $ 1,785,000 $ 79,000 $ 2,019,000 $ 15,031,000
 
 
Year Ended December 31, 2012
Bank      

Payment

Solutions

      

Institutional

Investment

Management

      

Asset

Servicing

       Total
Net interest income $ 274,843 $ 43,350 $ 2 $ 1,861 $ 320,056
Provision for loan losses 9,267 8,233 - - 17,500
Noninterest income 214,595 67,887 100,051 75,589 458,122
Noninterest expense   381,585         69,095         70,981           68,793         590,454
Income before taxes 98,586 33,909 29,072 8,657 170,224
Income tax expense   26,452         9,555         8,118           3,382         47,507
Net income $ 72,134       $ 24,354       $ 20,954         $ 5,275       $ 122,717
 
Average assets $ 10,950,000 $ 876,000 $ 81,000 $ 1,482,000 $ 13,389,000

UMB Financial Corporation
Media Contact:
Kelli Christman, 816-860-5088
or
Investor Relations Contact:
Abby Wendel, 816-860-1685