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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.37 | -0.35% | 103.89 | 103.16 | 104.50 | 105.235 | 103.78 | 104.77 | 304,556 | 00:07:18 |
UMB Financial Corporation (Nasdaq: UMBF), a diversified financial holding company, announced net income for the first quarter 2017 of $44.2 million or $0.89 per diluted share, compared to $42.9 million or $0.87 per diluted share in the fourth quarter 2016 (linked quarter) and $36.4 million or $0.74 per diluted share in the first quarter 2016. Such reported GAAP net income represents an increase of 2.9 percent on a linked-quarter basis and 21.4 percent compared to the first quarter 2016.
Net operating income, a non-GAAP financial measure which is reconciled to the nearest comparable GAAP measure later in this release, was $44.5 million or $0.89 per diluted share for the first quarter 2017, compared to $45.3 million or $0.91 per diluted share for the linked quarter and $38.7 million or $0.79 per diluted share for the first quarter 2016. These results represent a decrease of 1.8 percent on a linked-quarter basis and an increase of 14.9 percent compared to the first quarter 2016.
Summary of financial resultsUMB Financial Corporation
(unaudited, dollars in thousands) Q1 Q4 Q1 2017 2016 2016GAAP
Net income
$
44,181
$
42,934
$
36,403
Earnings per share (diluted) 0.89 0.87 0.74 Return on average assets 0.89 % 0.86 % 0.76 % Return on average equity 9.04 8.58 7.54 Efficiency ratio 70.45 % 71.51 % 74.41 %Non-GAAP
Net operating income
$
44,486
$
45,294
$
38,729
Operating earnings per share (diluted) 0.89 0.91 0.79 Operating return on average assets 0.89 % 0.90 % 0.81 % Operating return on average equity 9.10 9.05 8.02 Operating efficiency ratio 70.27 % 70.07 % 72.89 %“2017 is off to a solid start for UMB,” said Mariner Kemper, chairman and chief executive officer. “We continue to post double-digit year-over-year loan growth, with average loans increasing 10.6 percent compared to the same period in 2016. This growth, along with our efforts to achieve an optimal mix of earning assets and increased loan yields, drove a 13.9 percent increase in net interest income. We are pleased with this continued growth, as well as our progress toward improved profitability.
“In addition, we announced last week an agreement to sell our Scout Investments business to Carillon Tower Advisers. This was a strategic business decision that will allow us to invest time, energy and capital resources into growing our core banking businesses.”
Summary of revenue UMB Financial Corporation (unaudited, dollars in thousands) Q1 Q4 Q1 CQ vs. CQ vs. 2017 2016 2016 LQ PY Net interest income$
134,315
$
131,456
$
117,892
$
2,859
$
16,423
Noninterest income: Trust and securities processing 60,404 60,431 59,485 (27 ) 919 Trading and investment banking 7,542 5,040 4,630 2,502 2,912 Service charges on deposit accounts 22,075 20,949 21,461 1,126 614Insurance fees and commissions
646 833 1,497 (187 ) (851 ) Brokerage fees 5,377 4,674 4,185 703 1,192 Bankcard fees 17,752 16,113 18,016 1,639 (264 ) Gains on sales of securities available for sale, net 468 - 2,933 468 (2,465 ) Equity (losses) earnings on alternative investments (614 ) 504 (381 ) (1,118 ) (233 ) Other 7,130 7,786 4,524 (656 ) 2,606 Total noninterest income$
120,780
$
116,330
$
116,350
$
4,450
$
4,430
Total Revenue$
255,095
$
247,786
$
234,242
$
7,309
$
20,853
Net interest margin (FTE)3.09
%
3.00
%
2.79
%
Total noninterest income as a % of total revenue47.40
%
46.90
%
49.70
%
Net interest income
Noninterest income
$
113,834
$
107,538
$
106,850
$
6,296
$
6,984
Occupancy, net 11,148 11,421 10,972 (273 ) 176 Equipment 17,668 17,726 16,282 (58 ) 1,386 Supplies and services 4,281 4,788 4,949 (507 ) (668 ) Marketing and business development 4,503 6,256 4,441 (1,753 ) 62 Processing fees 11,301 11,045 11,462 256 (161 ) Legal and consulting 5,300 7,056 4,799 (1,756 ) 501 Bankcard 4,903 4,558 5,815 345 (912 ) Amortization of other intangible assets 2,869 2,928 3,226 (59 ) (357 ) Regulatory fees 3,833 3,687 3,429 146 404 Other 9,126 9,321 8,219 (195 ) 907 Total noninterest expense$
188,766
$
186,324
$
180,444
$
2,442
$
8,322
Noninterest expense
Income Taxes
Balance Sheet
$
4,397,675
$
4,369,173
$
4,252,016
$
28,502
$
145,659
Asset based loans 225,818 231,035 222,483 (5,217 ) 3,335 Factoring loans 148,356 110,866 85,704 37,490 62,652 Commercial credit card 157,864 150,630 147,121 7,234 10,743 Real estate - construction 793,892 674,367 457,448 119,525 336,444 Real estate - commercial 3,157,363 3,089,946 2,730,483 67,417 426,880 Real estate - residential 567,611 553,770 472,711 13,841 94,900 Real estate - HELOC 697,010 713,528 733,755 (16,518 ) (36,745 ) Consumer credit card 249,489 271,909 270,965 (22,420 ) (21,476 ) Consumer other 125,835 146,779 135,400 (20,944 ) (9,565 ) Leases 39,221 34,020 42,205 5,201 (2,984 ) Total loans$
10,560,134
$
10,346,023
$
9,550,291
$
214,111
$
1,009,843
$
83,302
$
182,891
$
353,501
$
(99,589
)
$
(270,199
)
U.S. Agencies 144,166 248,329 643,129 (104,163 ) (498,963 ) Mortgage-backed 3,753,733 3,586,040 3,606,221 167,693 147,512 State and political subdivisions 2,412,351 2,362,178 2,153,059 50,173 259,292 Corporates 66,840 67,100 80,082 (260 ) (13,242 ) Total securities available for sale$
6,460,392
$
6,446,538
$
6,835,992
$
13,854
$
(375,600
)
Securities held to maturity: State and political subdivisions 1,157,871 1,073,509 732,137 84,362 425,734 Trading securities 60,462 50,925 26,358 9,537 34,104 Other securities 67,988 66,567 64,207 1,421 3,781 Total securities$
7,746,713
$
7,637,539
$
7,658,694
$
109,174
$
88,019
$
5,998,943
$
6,193,787
$
6,014,820
$
(194,845
)
$
(15,878
)
Interest-bearing demand and savings 8,564,059 8,439,920 8,201,591 124,139 362,468 Time deposits 1,079,946 1,112,781 1,228,183 (32,834 ) (148,236 ) Total deposits$
15,642,948
$
15,746,488
$
15,444,594
$
(103,540
)
$
198,354
Non-interest bearing deposits as % of total 38.3 % 39.3 % 38.9 %$
2,010,878
$
1,962,384
$
1,948,333
Book value per common share 40.34 39.51 39.39 Regulatory capital: Common equity Tier 1 capital$
1,821,915
$
1,789,581
$
1,675,854
Tier 1 capital 1,821,915 1,789,581 1,675,854 Total capital 1,985,231 1,951,078 1,825,867 Regulatory capital ratios: Common equity Tier 1 capital ratio11.89
%
11.80
%
11.80
%
Tier 1 risk-based capital ratio 11.89 11.80 11.80 Total risk-based capital ratio 12.96 12.87 12.85 Tier 1 leverage ratio 9.11 9.09 8.78Credit quality
UMB Financial Corporation
(unaudited, dollars in thousands) Q1 Q4 Q3 Q2 Q1 2017 2016 2016 2016 2016 Net charge-offs (recoveries) - Commercial loans $ 5,283 $ 1,127 $ 5,538 $ (59) $ 2,586 Net charge-offs (recoveries) - Real estate loans 125 3,373 (67) 1,164 1,301 Net charge-offs - Consumer credit card loans 1,815 1,692 1,658 1,575 1,781 Net charge-offs - Consumer other loans 103 63 133 52 77 Net charge-offs - Total loans 7,326 6,255 7,262 2,732 5,745 Net loan charge-offs as a % of total average loans 0.28%
0.24
%
0.28
%
0.11
%
0.24 % Loans over 90 days past due $ 3,369 $ 3,365 $ 2,678 $ 4,700 $ 3,334 Loans over 90 days past due as a % of total loans 0.03
%
0.03
%
0.03
%
0.05
%
0.03 % Nonaccrual and restructured loans $
56,594
$ 70,259 $ 79,607 $ 58,423 $ 54,933 Nonaccrual and restructured loans as a % of total loans 0.53%
0.67
%
0.77
%
0.58
%
0.57 % Provision for loan losses $ 9,000 $ 7,500 $ 13,000 $ 7,000 $ 5,000
Divestiture Subsequent Event
On April 20, 2017, the company announced the execution of an agreement to sell 100 percent of the stock of Scout Investments, Inc. (Scout), its institutional investment management subsidiary, with $27.9 billion in assets under management as of March 31, 2017, to Carillon Tower Advisers, a unit of Raymond James Financial, for $172.5 million in cash, subject to purchase price adjustments at closing. The company plans to use the proceeds from the transaction to support its current growth strategies. See the company’s current report Form 8-K filed with the Securities and Exchange Commission on April 20, 2017 for additional information. The transaction did not meet the requirements to be accounted for as a discontinued operation for the March 31, 2017 reporting period but will be presented as a discontinued operation prospectively. The following table shows the company’s income statement components from continuing operations and income from discontinued operations (Scout) for the previous financial periods listed below on a supplemental basis to give effect to the sale of Scout.
Consolidated condensed supplemental information
UMB Financial Corporation (unaudited, dollars in thousands) Full Year Q1 Q2 Q3 Q4 Q1 2014 2015 2016 2016 2016 2016 2016 2017 From continuing operations: Net interest income$
350,055
$
412,067
$
495,323
$
117,892
$
121,210
$
124,765
$
131,456
$
134,315
Provision for loan losses 17,000 15,500 32,500 5,000 7,000 13,000 7,500 9,000 Noninterest income 368,235 370,659 402,511 97,965 102,774 103,542 98,230 102,917 Noninterest expense 582,942 639,437 667,297 165,406 168,556 165,350 167,985 173,950 Income before taxes 118,348 127,789 198,037 45,451 48,428 49,957 54,201 54,282 Income tax expense 27,502 31,549 44,755 11,190 12,052 10,624 10,889 12,407 Income - continuing operations 90,846 96,240 153,282 34,261 36,376 39,333 43,312 41,875 Income before taxes - discontinued ops 47,715 31,496 8,967 3,347 1,886 3,973 (239 ) 3,047 Income tax expense - discontinued ops 17,906 11,663 3,448 1,205 744 1,360 139 741 Income - discontinued operations 29,809 19,833 5,519 2,142 1,142 2,613 (378 ) 2,306 Net Income$
120,655
$
116,073
$
158,801
$
36,403
$
37,518
$
41,946
$
42,934
$
44,181
Conference Call
The company plans to host a conference call to discuss its first quarter 2017 earnings results on Wednesday, April 26, 2017, 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 2017 Conference Call
A replay of the conference call may be heard through May 10, 2017, by calling (toll-free) 877-344-7529 or (U.S.) 412-317-0088. The replay pass code required for playback is 10103480. 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 about net operating income, operating earnings per share - diluted (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 nearest 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 fair value adjustments, acquisition- and severance-related items and one-time marketing agent termination costs 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 impact of excluding the following: (i) fair value adjustments on contingent consideration for the acquisitions of Reams Asset Management Company (Reams), (ii) expenses related to acquisitions, (iii) non-acquisition related severance expense, (iv) expenses related to the buy-out and termination of certain marketing and referral agreements in the company’s institutional investment management business, and (v) the cumulative tax impact of the previous adjustments. The company believes that the financial impact of excluding non-acquisition related severance expense will be immaterial in the near future. It is excluded from certain GAAP financial measures as it has an unusually large impact on the company’s financial statements.
Operating EPS (basic and diluted) is calculated as earnings per share as reported, adjusted to reflect, on a per share basis, the impact of excluding the non-GAAP adjustments described in clauses (i)-(v) above 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)-(iv) above. Operating efficiency ratio is calculated as the company’s operating noninterest expense, net of amortization of other intangibles, divided by the company’s total revenue (tax equivalent net interest income plus noninterest income less gains on sales of securities available for sale, net).
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 reduced regulation, tax reform and our ability to capitalize on changes. 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, 2016, 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 U.S. Securities and Exchange Commission (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.
Consolidated Balance Sheets UMB Financial Corporation (dollars in thousands) March 31,Assets
2017 2016 (unaudited) (unaudited) Loans $ 10,757,236 $ 9,699,631 Allowance for loan losses (93,323 ) (80,398 ) Net loans 10,663,913 9,619,233 Loans held for sale 1,934 4,830 Investment securities: Available for sale 6,551,593 6,883,312 Held to maturity 1,206,639 804,652 Trading securities 75,494 26,779 Other securities 67,910 64,591 Total investment securities 7,901,636 7,779,334 Federal funds and resell agreements 196,467 170,824 Interest-bearing due from banks 374,570 401,961 Cash and due from banks 373,671 325,446 Premises and equipment, net 282,398 279,079 Accrued income 97,035 90,002 Goodwill 228,396 228,396 Other intangibles, net 31,622 43,556 Other assets 424,495 360,252 Total assets $ 20,576,137 $ 19,302,913Liabilities
Deposits: Noninterest-bearing demand $ 6,202,246 $ 6,202,026 Interest-bearing demand and savings 8,622,219 8,178,712 Time deposits under $250,000 594,967 727,709 Time deposits of $250,000 or more 475,752 309,926 Total deposits 15,895,184 15,418,373 Federal funds and repurchase agreements 2,390,364 1,681,723 Short-term debt - 5,006 Long-term debt 76,104 85,238 Accrued expenses and taxes 142,987 116,034 Other liabilities 60,620 48,206 Total liabilities 18,565,259 17,354,580Shareholders' Equity
Common stock 55,057 55,057 Capital surplus 1,033,225 1,018,492 Retained earnings 1,174,587 1,057,433 Accumulated other comprehensive (loss) income, net (44,159 ) 32,468 Treasury stock (207,832 ) (215,117 ) Total shareholders' equity 2,010,878 1,948,333 Total liabilities and shareholders' equity $ 20,576,137 $ 19,302,913 Consolidated Statements of Income UMB Financial Corporation (dollars in thousands except share and per share data) Three Months Ended March 31,Interest Income
2017 2016 (unaudited) (unaudited) Loans$
106,560
$
90,544
Securities: Taxable interest 19,190 19,357 Tax-exempt interest 17,183 12,735 Total securities income 36,373 32,092 Federal funds and resell agreements 919 507 Interest-bearing due from banks 551 891 Trading securities 287 52 Total interest income 144,690 124,086Interest Expense
Deposits 5,966 4,055 Federal funds and repurchase agreements 3,469 1,230 Other 940 909 Total interest expense 10,375 6,194 Net interest income 134,315 117,892 Provision for loan losses 9,000 5,000 Net interest income after provision for loan losses 125,315 112,892Noninterest Income
Trust and securities processing 60,404 59,485 Trading and investment banking 7,542 4,630 Service charges on deposits 22,075 21,461 Insurance fees and commissions 646 1,497 Brokerage fees 5,377 4,185 Bankcard fees 17,752 18,016 Gains on sale of securities available for sale, net 468 2,933 Equity losses on alternative investments (614 ) (381 ) Other 7,130 4,524 Total noninterest income 120,780 116,350Noninterest Expense
Salaries and employee benefits 113,834 106,850 Occupancy, net 11,148 10,972 Equipment 17,668 16,282 Supplies, postage and telephone 4,281 4,949 Marketing and business development 4,503 4,441 Processing fees 11,301 11,462 Legal and consulting 5,300 4,799 Bankcard 4,903 5,815 Amortization of other intangibles 2,869 3,226 Regulatory fees 3,833 3,429 Other 9,126 8,219 Total noninterest expense 188,766 180,444 Income before income taxes 57,329 48,798 Income tax provision 13,148 12,395 Net income$
44,181
$
36,403
Per Share Data
Net income - basic$
0.90
$
0.75
Net income – diluted 0.89 0.74 Dividends 0.255 0.245 Weighted average shares outstanding 49,109,872 48,756,433 Weighted average shares outstanding – diluted 49,829,508 49,016,400 Consolidated Statements of Comprehensive Income UMB Financial Corporation (dollars in thousands) Three Months Ended March 31, 2017 2016 (unaudited) (unaudited) Net Income $ 44,181 $ 36,403 Other comprehensive income, net of tax: Unrealized gains on securities: Change in unrealized holding gains, net 22,271 65,312 Less: Reclassifications adjustment for gains included in net income (468 ) (2,933 ) Change in unrealized gains on securities during the period 21,803 62,379 Change in unrealized gains (losses) on derivatives 246 (4,140 ) Income tax expense (8,666 ) (22,053 ) Other comprehensive income 13,383 36,186 Comprehensive income $ 57,564 $ 72,589 Consolidated Statements of Shareholders' Equity UMB Financial Corporation (dollars in thousands, except per share data) Accumulated Other Common Capital Retained Comprehensive Treasury (unaudited) Stock Surplus Earnings Income (Loss) Stock Total Balance - January 1, 2016 $ 55,057 $ 1,019,889 $ 1,033,990 $ (3,718 ) $ (211,524 ) $ 1,893,694 Total comprehensive income - - 36,403 36,186 - 72,589 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 - 2,047 - - - 2,047 Sale of treasury stock - 123 - - 140 263 Exercise of stock options - 1,294 - - 2,519 3,813 Cumulative effect adjustment - 1,338 (856 ) - - 482 Balance – March 31, 2016 $ 55,057 $ 1,018,492 $ 1,057,433 $ 32,468 $ (215,117 ) $ 1,948,333 (unaudited) Balance - January 1, 2017 $ 55,057 $ 1,033,419 $ 1,142,887 $ (57,542 ) $ (211,437 ) $ 1,962,384 Total comprehensive income - - 44,181 13,383 - 57,564 Cash dividends ($0.255 per share) - - (12,481 ) - - (12,481 ) Purchase of treasury stock - - - - (4,028 ) (4,028 ) Issuance of equity awards - (4,140 ) - - 4,611 471 Recognition of equity based compensation - 2,861 - - - 2,861 Sale of treasury stock - 150 - - 117 267 Exercise of stock options - 935 - - 2,905 3,840 Balance – March 31, 2017 $ 55,057 $ 1,033,225 $ 1,174,587 $ (44,159 ) $ (207,832 ) $ 2,010,878 Average Balances / Yields and Rates UMB Financial Corporation (tax - equivalent basis) (unaudited, dollars in thousands) Three Months Ended March 31, 2017 2016 Average Average Average AverageAssets
Balance Yield/Rate Balance Yield/Rate Loans, net of unearned interest $ 10,560,134 4.09 % $9,550,291
3.81 % Securities: Taxable 4,198,795 1.85 4,826,822 1.61 Tax-exempt 3,487,456 3.07 2,805,514 2.81 Total securities 7,686,251 2.40 7,632,336 2.05 Federal funds and resell agreements 238,201 1.56 146,791 1.39 Interest-bearing due from banks 309,125 0.72 648,635 0.55 Trading securities 60,462 2.45 26,358 1.01 Total earning assets 18,854,173 3.31 18,004,411 2.93 Allowance for loan losses (93,106 ) (80,820 ) Other assets 1,473,282 1,411,260 Total assets $ 20,234,349 $ 19,334,851Liabilities and Shareholders' Equity
Interest-bearing deposits $ 9,644,005 0.25 % $ 9,429,774 0.17 % Federal funds and repurchase agreements 2,329,630 0.60 1,696,555 0.29 Borrowed funds 76,468 4.99 92,558 3.95 Total interest-bearing liabilities 12,050,103 0.35 11,218,887 0.22 Noninterest-bearing demand deposits 5,998,943 6,014,820 Other liabilities 202,248 159,883 Shareholders' equity 1,983,055 1,941,261 Total liabilities and shareholders' equity $ 20,234,349 $ 19,334,851 Net interest spread 2.96 % 2.71 % Net interest margin 3.09 2.79 Business Segment Information UMB Financial Corporation (unaudited, dollars in thousands) Three Months Ended March 31, 2017 BankInstitutionalInvestmentManagement
Asset Servicing Total Net interest income $ 131,663 $ - $ 2,652 $ 134,315 Provision for loan losses 9,000 - - 9,000 Noninterest income 79,215 19,254 22,311 120,780 Noninterest expense 150,251 17,676 20,839 188,766Income before taxes
51,627 1,578 4,124 57,329Income tax expense
11,861 345 942 13,148Net income
$ 39,766 $ 1,233 $ 3,182 $ 44,181 Average assets $ 19,341,000 $ 61,000 $ 832,000 $ 20,234,000 Three Months Ended March 31, 2016 BankInstitutionalInvestmentManagement
Asset Servicing Total Net interest income $ 115,271 $ - $ 2,621 $ 117,892 Provision for loan losses 5,000 - - 5,000 Noninterest income 75,417 18,425 22,508 116,350 Noninterest expense 142,967 17,266 20,211 180,444 Income before taxes 42,721 1,159 4,918 48,798 Income tax expense 10,855 287 1,253 12,395 Net income $ 31,866 $ 872 $ 3,665 $ 36,403 Average assets $ 17,885,000 $ 63,000 $ 1,387,000 $ 19,335,000 Non-GAAP Financial Measures UMB Financial Corporation Net operating income and operating earnings per share non-GAAP reconciliations: (unaudited, dollars in thousands, except share and per share data) Three Months Ended March 31, December 31, March 31, 2017 2016 2016 Net income (GAAP)$
44,181
$
42,934
$
36,403
Adjustments: Fair value adjustments on contingent consideration (i) - - 67 Acquisition expenses (ii) - 547 3,043 Non-acquisition severance expense (iii) 476 415 524 Marketing agent termination costs (iv) - 2,725 - Tax-impact of adjustments (v) (171 ) (1,327 ) (1,308 ) Total Non-GAAP adjustments (net of tax) 305 2,360 2,326 Net operating income (Non-GAAP)$
44,486
$
45,294
$
38,729
Earnings per share as reported - diluted$
0.89
$
0.87
$
0.74
Fair value adjustments on contingent consideration (i) - - - Acquisition expenses (ii) - 0.01 0.07 Non-acquisition severance expense (iii) 0.01 0.01 0.01 Marketing agent termination costs (iv) - 0.05 - Tax-impact of adjustments (v) (0.01 ) (0.03 ) (0.03 ) Operating earnings per share - diluted$
0.89
$
0.91
$
0.79
GAAP
Return on average assets0.89
%
0.86
%
0.76
%
Return on average equity 9.04 8.58 7.54Non-GAAP
Operating return on average assets0.89
%
0.90
%
0.81
%
Operating return on average equity 9.10 9.05 8.02 Operating noninterest expense and operating efficiency ratio non-GAAP reconciliations: UMB Financial Corporation (unaudited, dollars in thousands except share and per share data) Three Months Ended March 31, December 31, March 31, 2017 2016 2016 Noninterest expense $ 188,766 $ 186,324 $ 180,444 Adjustments to arrive at operating noninterest expense (pre-tax): Fair value adjustments on contingent consideration (i) - - 67 Acquisition expenses (ii) - 547 3,043 Non-acquisition severance expense (iii) 476 415 524 Marketing agent termination costs (iv) - 2,725 - Total Non-GAAP adjustments (pre-tax) 476 3,687 3,634 Operating noninterest expense $ 188,290 $ 182,637 $ 176,810 Noninterest expense $ 188,766 $ 186,324 $ 180,444 Less: Amortization of other intangibles 2,869 2,928 3,226 Noninterest expense, net of amortization of other intangibles (numerator A) $ 185,897 $ 183,396 $ 177,218 Operating noninterest expense $ 188,290 $ 182,637 $ 176,810 Less: Amortization of other intangibles 2,869 2,928 3,226 Operating expense, net of amortization of other intangibles (numerator B) $ 185,421 $ 179,709 $ 173,584 Net interest income (tax equivalent) (vi) $ 143,572 $ 140,147 $ 124,744 Noninterest income 120,780 116,330 116,350 Less: Gains on sales of securities available for sale, net 468 - 2,933 Total (denominator A) $ 263,884 $ 256,477 $ 238,161 Efficiency ratio (numerator A/denominator A)70.45
%
71.51
%
74.41
%
Operating efficiency ratio (numerator B/denominator A) 70.27 70.07 72.89 (i) Represents fair value adjustments to contingent consideration for the acquisitions of Reams. (ii) Represents expenses related to acquisitions. (iii) Represents non-acquisition severance expense related to UMB-legacy employees as management excludes severance expense from its internal evaluation of company performance. Severance expense for Marquette-legacy employees is included in item (ii). (iv) Represents expenses related to the buy-out and termination of certain marketing and referral agreements in the company’s institutional investment management business. (v) Calculated using the company's marginal tax rate of 36%. (vi) 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 $9.3 million, $8.7 million, and $6.9 million for the three months ended March 31, 2017, December 31, 2016, and March 31, 2016, respectively.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170425005387/en/
UMB Financial CorporationMedia Contact:Rachael Crocker, 816-860-7775orInvestor Relations Contact:Kay Gregory, 816-860-7106
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