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Share Name | Share Symbol | Market | Type |
---|---|---|---|
UMB Financial Corporation | NASDAQ:UMBF | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-4.24 | -4.34% | 93.53 | 37.55 | 106.48 | 95.81 | 92.05 | 94.08 | 627,845 | 21:07:29 |
UMB Financial Corporation (Nasdaq: UMBF), a diversified financial holding company, announced earnings for the first quarter 2016 of $36.2 million or $0.74 per diluted share, compared to $29.6 million or $0.60 per diluted share in the fourth quarter 2015 (linked quarter) and $33.8 million or $0.74 per diluted share during the first quarter 2015.
On a non-GAAP operating basis, which is reconciled to comparable GAAP financial measures later in this release, net operating income for the first quarter 2016 was $38.6 million or $0.79 per diluted share, compared to $34.2 million or $0.70 per diluted share on a linked quarter basis and $33.0 million or $0.73 per diluted share for the first quarter 2015.
Summary of financial results
UMB Financial Corporation
(unaudited, dollars in thousands)Q12016
Q42015
Q12015
GAAP
Net income $ 36,245 $ 29,643 $ 33,765 Earnings per share (diluted) 0.74 0.60 0.74 Return on average assets0.75
%
0.63
%
0.81
%
Return on average equity 7.51 6.15 8.18 Efficiency ratio 74.54 77.21 75.68
Non-GAAP
Net operating income $ 38,571 $ 34,234 $ 33,032 Operating earnings per share (diluted) 0.79 0.70 0.73 Operating return on average assets0.80
%
0.72
%
0.80
%
Operating return on average equity 7.99 7.10 8.00 Operating efficiency ratio 73.01 74.11 76.21“UMB began the year by posting another quarter of double-digit year-over-year loan growth and making good progress against our expense initiatives implemented in 2015,” said Mariner Kemper, chairman and chief executive officer. “Total loan balances increased 29.4 percent from March 31, 2015 to March 31, 2016. Loans produced by legacy UMB lenders increased 16.0 percent during that period, once again outpacing industry averages. In addition, we recognized savings of $4.9 million in the first quarter related to our efficiency initiative. I am pleased with the results we’ve posted and look forward to our continued growth.”
Summary of revenue UMB Financial Corporation (unaudited, dollars in thousands) Dollar ChangeQ12016
Q42015
Q12015
Q116 vs.Q415
Q116 vs.Q115
Net interest income $ 117,892 $ 114,454 $ 90,358 $3,438 $27,534 Noninterest income: Trust and securities processing $ 59,485 $ 62,194 $ 67,299 (2,709 ) (7,814 ) Trading and investment banking 4,630 5,559 6,122 (929 ) (1,492 ) Service charges on deposit accounts 21,461 21,631 21,541 (170 ) (80 ) Insurance fees and commissions 1,497 894 570 603 927 Brokerage fees 4,185 3,005 2,854 1,180 1,331 Bankcard fees 18,016 17,369 16,183 647 1,833 Gains on sales of securities available for sale, net 2,933 1,998 7,336 935 (4,403 ) Equity losses on alternative investments (381 ) (5,189 ) (842 ) 4,808 461 Other 4,524 5,138 4,144 (614 ) 380 Total noninterest income $ 116,350 $ 112,599 $ 125,207 $3,751 $(8,857 ) Total Revenue $ 234,242 $ 227,053 $ 215,565 $7,189 $18,677 Net interest margin 2.79%
2.76
%
2.46
%
Total noninterest income as a percentage of total revenue 49.7 49.6 58.1
Net interest income
Noninterest income
Q12016
Q42015
Q12015
Q116 vs.Q415
Q116 vs.Q115
Salaries and employee benefits $ 107,150 $ 103,617 $ 98,537 $3,533 $8,613 Occupancy, net 10,972 11,791 10,010 (819 ) 962 Equipment 16,282 16,723 14,172 (441 ) 2,110 Supplies and services 4,949 4,280 4,325 669 624 Marketing and business development 4,441 6,816 4,618 (2,375 ) (177 ) Processing fees 11,462 13,096 12,783 (1,634 ) (1,321 ) Legal and consulting 4,799 7,447 4,378 (2,648 ) 421 Bankcard 5,815 5,301 4,768 514 1,047 Amortization of other intangible assets 3,226 3,283 2,755 (57 ) 471 Regulatory fees 3,429 3,320 2,756 109 673 Other 8,219 6,406 5,311 1,813 2,908 Total noninterest expense $ 180,744 $ 182,080 $ 164,413 $(1,336 ) $16,331Noninterest expense
March 31,2016
December 31,2015
March 31,2015
Q116 vs.
Q415
Q116 vs.
Q115
Loans: Commercial $ 4,347,068 $ 4,205,736 $ 3,808,551 $ 141,332 $ 538,517 Asset-based 212,669 219,244 - (6,575 ) 212,669 Factoring 88,534 90,686 - (2,152 ) 88,534 Commercial credit card 146,031 125,361 129,972 20,670 16,059 Real estate – construction 497,504 416,568 256,277 80,936 241,227 Real estate – commercial 2,767,233 2,662,772 1,943,057 104,461 824,176 Real estate – residential 485,722 492,227 330,234 (6,505 ) 155,488 Real estate – HELOC 724,303 729,963 630,850 (5,660 ) 93,453 Consumer credit card 270,558 291,570 284,694 (21,012 ) (14,136 ) Consumer other 116,971 154,777 75,856 (37,806 ) 41,115 Leases 43,038 41,857 38,817 1,181 4,221 Total loans $ 9,699,631 $ 9,430,761 $ 7,498,308 $ 268,870 $ 2,201,323(unaudited, dollars in thousands)
Dollar ChangeMarch 31,2016
December 31,2015
March 31,2015
Q116 vs.Q415
Q116vs. Q115
Securities available for sale: U.S. Treasury $354,261
$ 349,779 $ 428,311 $ 4,482 $ (74,050 ) U.S. Agencies 593,769 666,389 856,881 (72,620 ) (263,112 ) Mortgage-backed 3,668,538 3,572,446 3,343,521 96,092 325,017 State and political subdivisions 2,186,602 2,138,413 2,049,487 48,189 137,115 Corporates 80,142 79,922 108,801 220 (28,659 ) Total securities available for sale 6,883,312 6,806,949 6,787,001 76,363 96,311 Securities held to maturity State and political subdivisions 804,652 667,106 346,885 137,546 457,767 Trading Securities 26,779 29,617 29,380 (2,838 ) (2,601 ) Other securities 64,591 65,198 67,200 (607 ) (2,609 ) Total securities $ 7,779,334 $ 7,568,870 $ 7,230,466 $ 210,464 $ 548,868March 31,2016
December 31,2015
March 31,2015
Q116 vs.Q415
Q116 vs.Q115
Deposits: Noninterest-bearing demand $ 6,202,026 $6,306,895 $ 5,617,788 $ (104,869 ) $ 584,238 Interest-bearing demand and savings 8,178,712 7,529,972 6,668,991 648,740 1,509,721 Time deposits under $250,000 727,709 771,973 620,644 (44,264 ) 107,065 Time deposits of $250,000 or more 309,926 483,912 248,865 (173,986 ) 61,061 Total deposits $ 15,418,373 $15,092,752 $ 13,156,288 $ 325,621 $ 2,262,085March 31,2016
December 31,2015
March 31,2015
Total equity $ 1,947,959 $ 1,893,694 $ 1,682,376 Book value per common share 39.38 38.34 36.76 Regulatory capital: Common equity Tier 1 capital $ 1,675,854 $ 1,664,815 $ 1,444,625 Tier 1 capital 1,675,854 1,681,222 1,444,625 Total capital 1,825,867 1,814,705 1,524,206 Regulatory capital ratios: Common equity Tier 1 capital ratio11.80
%
11.74
%
12.91
%
Tier 1 risk-based capital ratio 11.80 11.86 12.91 Total risk-based capital ratio 12.85 12.80 13.62 Tier 1 leverage ratio 8.78 9.08 8.69Q12016
Q42015
Q32015
Q22015
Q12015
Net charge-offs – Commercial loans $ 2,586 $ 178 $ 636 $ 2,999 $ (398 ) Net charge-offs – Real estate loans 1,301 (50 ) (65 ) (9 ) 17 Net charge-offs – Consumer credit card loans 1,781 1,628 1,524 1,627 1,974 Net charge-offs – Consumer other loans 77 130 97 141 68 Net charge-offs – Total loans 5,745 1,886 2,192 4,758 1,661 Net loan charge-offs as a percentage of total average loans0.24
%
0.08
%
0.10
%
0.24
%
0.09
%
Loans over 90 days past due $ 3,334 $ 7,324 $ 2,552 $ 7,645 $ 5,170 Loans over 90 days past due as a percentage of total loans0.03
%
0.08
%
0.03
%
0.09
%
0.07
%
Nonaccrual and restructured loans $ 54,933 $ 61,152 $ 49,955 $ 37,649 $ 29,187 Nonaccrual and restructured loans as a percentage of total loans 0.57%
0.65
%
0.55
%
0.42
%
0.39
%
Efficiency Initiatives
In 2015, the company announced efficiency initiatives with cost savings expected to be recognized as follows: $6.8 million in 2015, $22.6 million in 2016, and annualized savings of $32.9 million in 2017 and beyond. As an update, the company recognized $9.5 million of these cost savings in 2015, and $4.9 million in the first quarter 2016, and expects to recognize an additional $15.9 million in the remainder of 2016 and annualized savings of $32.9 million beginning in 2017.
Conference Call
The company plans to host a conference call to discuss its first quarter 2016 earnings results on April 27, 2016 at 8:30 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 1Q 2016 Conference Call
A replay of the conference call may be heard through May 12, 2016, by calling (toll-free) 877-344-7529 or (U.S.) 412-317-0088. The replay pass code required for playback is 10083904. The call replay may also be accessed via the company's website umbfinancial.com by visiting the investor relations area.
Non-GAAP Financial Information
In this release, we provide information using net operating income, operating earnings per share (operating EPS), operating return on average equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense, and operating efficiency ratio, all of which are non-GAAP financial measures. This information supplements the results that are reported according to generally accepted accounting principles (GAAP) and should not be viewed in isolation from, or as a substitute for, GAAP results. The differences between the non-GAAP financial measures—net operating income, operating EPS, operating ROE, operating ROA, operating noninterest expense and operating efficiency ratio—and the comparable GAAP financial measures are reconciled later in this release. The company believes that these non-GAAP financial measures and the reconciliations may be useful to investors because they adjust for acquisition- and severance-related items that management does not believe reflect the company’s fundamental operating performance.
Net operating income for the relevant period is defined as GAAP net income, adjusted to reflect the after-tax impact of excluding the following: (i) fair value adjustments to contingent consideration for the acquisitions of Prairie Capital Management, LLC and Reams Asset Management Company, (ii) expenses related to the acquisition of Marquette, and (iii) non-acquisition severance expense. Operating EPS (basic and diluted) is calculated as net operating income, divided by the company’s average number of shares outstanding (basic and diluted) for the relevant period. Operating ROE is calculated as net operating income, divided by the company’s average total shareholders’ equity for the relevant period. Operating ROA is calculated as net operating income, divided by the company’s average assets for the relevant period. Operating noninterest expense for the relevant period is defined as GAAP noninterest expense, adjusted to reflect the pre-tax impact of non-GAAP adjustments described in clauses i-iii above. Operating efficiency ratio is calculated as the company’s operating noninterest expense, less amortization of other intangibles, divided by the company’s tax equivalent net interest income plus noninterest income less gains on sales of securities available for sale.
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, 2015, 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, 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.
Non-GAAP Financial Measures
UMB Financial Corporation
Net operating income non-GAAP reconciliation: (unaudited, dollars in thousands, except per share data) Three Months Ended March 31, 2016 2015 Net income (GAAP) $ 36,245 $ 33,765 Adjustments (net of tax): Fair value adjustments on contingent consideration (i) 43 (1,449 ) Acquisition expenses (ii) 1,948 490 Non-acquisition severance expense (iii) 335 226 Total Non-GAAP adjustments (net of tax) 2,326 (733 ) Net operating income (Non-GAAP) $ 38,571 $ 33,032GAAP
Earnings per share - basic
$ 0.74 $ 0.75Earnings per share - diluted
0.74 0.74 Return on average assets 0.75 % 0.81 % Return on average equity 7.51 % 8.18 %Non-GAAP
Operating earnings per share - basic
$ 0.79 $ 0.73Operating earnings per share - diluted
0.79 0.73 Operating return on average assets 0.80 % 0.80 % Operating return on average equity 7.99 % 8.00 % Operating noninterest expense and operating efficiency ratio non-GAAP reconciliation: (unaudited, dollars in thousands) Three Months Ended March 31, 2016 2015 Noninterest expense (GAAP) $ 180,744 $ 164,413 Adjustments (pre-tax): Fair value adjustments on contingent consideration (i) 67 (2,264 ) Acquisition expenses (ii) 3,043 766 Non-acquisition severance expense (iii) 524 353 Total Non-GAAP adjustments (pre-tax) 3,634 (1,145 ) Operating noninterest expense 177,110 165,558 Noninterest expense 180,744 164,413 Less: Amortization of other intangibles 3,226 2,755 Noninterest expense, net of amortization of other intangibles (numerator A) 177,518 161,658 Operating noninterest expense (Non-GAAP) 177,110 165,558 Less: Amortization of other intangibles 3,226 2,755 Operating expense, net of amortization of other intangibles (numerator B) 173,884 162,803 Net interest income (tax equivalent) (iv) 124,744 95,750 Noninterest income 116,350 125,207 Less: Gains on sales of securities available for sale, net 2,933 7,336 Total (denominator A)$
238,161$
213,621 Efficiency ratio (numerator A/denominator A) 74.54 % 75.68 % Operating efficiency ratio (numerator B/denominator A) 73.01 % 76.21 %(i) Represents fair value adjustments to contingent consideration for the acquisitions of Prairie Capital Management, LLC and Reams Asset Management Company.
(ii) Represents expenses related to the acquisition of Marquette Financial Companies (Marquette). (iii) Represents non-acquisition severance expense related to UMB-legacy employees. Severance expense for Marquette-legacy employees is included in item (ii). (iv) Tax-exempt interest income has been adjusted to a tax equivalent basis. The amount of such adjustment was an addition to net interest income of $13.0 million and $9.0 million for the three months ended March 31, 2016 and 2015, respectively. Consolidated Balance Sheets UMB Financial Corporation (unaudited, dollars in thousands) March 31,Assets
2016 2015 Loans $ 9,699,631 $ 7,498,308 Allowance for loan losses (80,398 ) (77,479 ) Net loans 9,619,233 7,420,829 Loans held for sale 4,830 3,141 Investment securities: Available for sale 6,883,312 6,787,001 Held to maturity 804,652 346,885 Trading securities 26,779 29,380 Other securities 64,591 67,200 Total investment securities 7,779,334 7,230,466 Federal funds and resell agreements 170,824 24,379 Interest-bearing due from banks 401,961 769,321 Cash and due from banks 325,446 449,315 Premises and equipment, net 279,079 263,542 Accrued income 90,002 80,083 Goodwill 228,396 209,758 Other intangibles, net 43,556 41,236 Other assets 360,252 238,053 Total assets $ 19,302,913 $ 16,730,123Liabilities
Deposits: Noninterest-bearing demand $ 6,202,026 $ 5,617,788 Interest-bearing demand and savings 8,178,712 6,668,991 Time deposits under $250,000 727,709 620,644 Time deposits of $250,000 or more 309,926 248,865 Total deposits 15,418,373 13,156,288 Federal funds and repurchase agreements 1,681,723 1,719,080 Short-term debt 5,006 - Long-term debt 85,238 7,600 Accrued expenses and taxes 116,408 135,758 Other liabilities 48,206 29,021 Total liabilities 17,354,954 15,047,747Shareholders' Equity
Common stock 55,057 55,057 Capital surplus 1,017,420 892,658 Retained earnings 1,058,131 986,923 Accumulated other comprehensive income 32,468 26,810 Treasury stock (215,117 ) (279,072 ) Total shareholders' equity 1,947,959 1,682,376 Total liabilities and shareholders' equity $ 19,302,913 $ 16,730,123Consolidated Statements of Income
UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data) Three Months Ended March 31, 2016 2015Interest Income
Loans $ 90,544 $ 64,232 Securities: Taxable Interest 19,357 18,808 Tax-exempt interest 12,735 9,915 Total securities income 32,092 28,723 Federal funds and resell agreements 507 51 Interest-bearing due from banks 891 852 Trading securities 52 95 Total interest income 124,086 93,953Interest Expense
Deposits 4,055 3,048 Federal funds and repurchase agreements 1,230 492 Other 909 55 Total interest expense 6,194 3,595 Net interest income 117,892 90,358 Provision for loan losses 5,000 3,000 Net interest income after provision for loan losses 112,892 87,358Noninterest Income
Trust and securities processing 59,485 67,299 Trading and investment banking 4,630 6,122 Service charges on deposits 21,461 21,541 Insurance fees and commissions 1,497 570 Brokerage fees 4,185 2,854 Bankcard fees 18,016 16,183 Gains on sales of securities available for sale, net 2,933 7,336 Equity losses on alternative investments (381 ) (842 ) Other 4,524 4,144 Total noninterest income 116,350 125,207Noninterest Expense
Salaries and employee benefits 107,150 98,537 Occupancy, net 10,972 10,010 Equipment 16,282 14,172 Supplies and services 4,949 4,325 Marketing and business development 4,441 4,618 Processing fees 11,462 12,783 Legal and consulting 4,799 4,378 Bankcard 5,815 4,768 Amortization of other intangible assets 3,226 2,755 Regulatory fees 3,429 2,756 Other 8,219 5,311 Total noninterest expense 180,744 164,413 Income before income taxes 48,498 48,152 Income tax provision 12,253 14,387 Net income $ 36,245 $ 33,765Per Share Data
Net income - basic
$ 0.74 $ 0.75Net income - diluted
0.74 0.74 Dividends 0.245 0.235Weighted average shares outstanding – basic
48,756,433 45,000,831 Weighted average shares outstanding – diluted 49,090,232 45,437,654 Statements of Consolidated Comprehensive Income UMB Financial Corporation (unaudited, dollars in thousands) Three Months EndedMarch 31,
2016 2015 Net Income $ 36,245 $ 33,765 Other comprehensive income, net of tax: Unrealized gains on securities: Change in unrealized holding gains, net 65,312 32,676 Less: Reclassifications adjustment for gains included in net income (2,933) (7,336) Change in unrealized gains during the period 62,379 25,340 Change in unrealized losses on derivatives (4,140) - Income tax expense (22,053) (9,536) Other comprehensive income 36,186 15,804 Comprehensive income $ 72,431 $ 49,569
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 (Loss) Stock Total Balance - January 1, 2015 $ 55,057 $ 894,602 $ 963,911 $11,006 $ (280,818 ) $ 1,643,758 Total comprehensive income - - 33,765 15,804 - 49,569 Cash dividends ($0.235 per share) - - (10,753 ) - - (10,753 ) Purchase of treasury stock - - - - (5,309 ) (5,309 ) Issuance of equity awards - (5,848 ) - - 6,308 460 Recognition of equity based compensation - 2,609 - - - 2,609 Net tax benefit related to equity compensation plans - 585 - - - 585 Sale of treasury stock - 141 - - 94 235 Exercise of stock options - 569 - - 653 1,222 Balance – March 31, 2015 $ 55,057 $ 892,658 $ 986,923 $26,810 $ (279,072 ) $ 1,682,376 Balance - January 1, 2016 $ 55,057 $ 1,019,889 $ 1,033,990 $(3,718 ) $ (211,524 ) $ 1,893,694 Total comprehensive income - - 36,245 36,186 - 72,431 Cash dividends ($0.245 per share) - - (12,104 ) - - (12,104 ) Purchase of treasury stock - - - - (12,880 ) (12,880 ) Issuance of equity awards - (6,199 ) - - 6,628 429 Recognition of equity based compensation - 2,347 - - - 2,347 Net tax deficiency related to equity compensation plans - (34 ) - - - (34 ) Sale of treasury stock - 123 - - 140 263 Exercise of stock options - 1,294 - - 2,519 3,813 Balance – March 31, 2016 $ 55,057 $ 1,017,420 $ 1,058,131 $32,468 $ (215,117 ) $ 1,947,959 Average Balances / Yields and Rates UMB Financial Corporation (tax - equivalent basis) (unaudited, dollars in thousands) Three Months Ended March 31, 2016 2015 Average Average Average AverageAssets
Balance Yield/Rate Balance Yield/Rate Loans, net of unearned interest $ 9,550,291 3.81 % $ 7,470,101 3.49 % Securities: Taxable 4,826,822 1.61 4,868,560 1.57 Tax-exempt 2,805,514 2.81 2,254,237 2.75 Total securities 7,632,336 2.05 7,122,797 1.94 Federal funds and resell agreements 146,791 1.39 34,340 0.60 Interest-bearing due from banks 648,635 0.55 1,107,862 0.31 Trading securities 26,358 1.01 30,221 1.84 Total earning assets 18,004,411 2.93 15,765,321 2.56 Allowance for loan losses (80,820 ) (76,574 ) Other assets 1,411,260 1,143,208 Total assets $ 19,334,851 $ 16,831,955Liabilities and Shareholders' Equity
Interest-bearing deposits $ 9,429,774 0.17 % $ 7,602,258 0.16 % Federal funds and repurchase agreements 1,696,555 0.29 1,710,908 0.12 Borrowed funds 92,558 3.95 8,331 2.68 Total interest-bearing liabilities 11,218,887 0.22 9,321,497 0.16 Noninterest-bearing demand deposits 6,014,820 5,660,893 Other liabilities 159,883 174,804 Shareholders' equity 1,941,261 1,674,761 Total liabilities and shareholders' equity $ 19,334,851 $ 16,831,955 Net interest spread 2.71 % 2.40 % Net interest margin 2.79 2.46 Business Segment Information UMB Financial Corporation (unaudited, dollars in thousands) Three Months Ended March 31, 2016 BankInstitutionalInvestmentManagement
AssetServicing
Total Net interest income $ 115,271 $ - $ 2,621 $ 117,892 Provision for loan losses 5,000 - - 5,000 Noninterest income 75,441 18,416 22,493 116,350 Noninterest expense 143,361 17,233 20,150 180,744 Income before taxes 42,351 1,183 4,964 48,498 Income tax expense 10,706 289 1,258 12,253 Net income $ 31,645 $ 894 $ 3,706 $ 36,245 Average assets $ 17,885,000 $ 63,000 $ 1,387,000 $ 19,335,000 Three Months Ended March 31, 2015 BankInstitutionalInvestmentManagement
AssetServicing
Total Net interest income $ 89,360 $ 1 $ 997 $ 90,358 Provision for loan losses 3,000 - - 3,000 Noninterest income 74,689 27,084 23,434 125,207 Noninterest expense 125,178 17,961 21,274 164,413 Income before taxes 35,871 9,124 3,157 48,152 Income tax expense 10,715 2,750 922 14,387 Net income $ 25,156 $ 6,374 $ 2,235 $ 33,765 Average assets $ 15,814,000 $ 75,000 $ 943,000 $ 16,832,000
View source version on businesswire.com: http://www.businesswire.com/news/home/20160426005248/en/
UMB Financial CorporationKelli Christman, 816-916-3240
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