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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 | 103.18 | 104.52 | 105.235 | 103.78 | 104.77 | 293,739 | 22:22:52 |
First Quarter 2021 Financial Highlights (all comparisons to prior year)
UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the first quarter of 2021 of $92.6 million, or $1.91 per diluted share, compared to net income of $156.3 million, or $3.24 per diluted share, in the fourth quarter of 2020 (linked quarter) and net loss of $3.4 million, or $0.07 per diluted share, in the first quarter of 2020.
Net operating income, a non-GAAP financial measure reconciled to net income, the nearest comparable GAAP measure, later in this release, was $92.8 million, or $1.91 per diluted share, for the first quarter of 2021, compared to $157.4 million, or $3.26 per diluted share, for the linked quarter and net operating loss of $1.9 million, or $0.04 per diluted share, for the first quarter of 2020. Pre-tax, pre-provision income on a fully tax equivalent basis (PTPP-FTE), a non-GAAP measure reconciled to the components of net income before taxes, the nearest comparable GAAP measure, later in this release, was $108.7 million, or $2.24 per diluted share, for the first quarter of 2021, compared to $202.9 million, or $4.20 per diluted share, for the linked quarter, and $90.2 million, or $1.85 per diluted share, for the first quarter of 2020. These PTPP-FTE results represent a decrease of 46.4% on a linked-quarter basis and an increase of 20.5% compared to the first quarter of 2020.
Net income comparisons to the linked quarter were primarily impacted by an $108.8 million pre-tax gain recognized in the prior period on the company’s equity investment in Tattooed Chef, Inc. (TTCF), and a subsequent $16.1 million pre-tax mark-to-market loss on those investments in the current period. Net income comparisons to the first quarter of 2020 were primarily impacted by the significantly higher provision expense in the prior period related to the implementation of the current expected credit loss (CECL) methodology for estimating allowance for credit losses as well as the $16.1 million pre-tax mark-to-market adjustment on TTCF shares.
Summary of quarterly financial results
UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
Q1
Q4
Q1
2021
2020
2020
Net income (loss) (GAAP)
$
92,643
$
156,320
$
(3,439
)
Earnings (losses) per share (diluted)
1.91
3.24
(0.07
)
Pre-tax, pre-provision income (Non-GAAP)
102,066
196,107
83,746
Pre-tax, pre-provision earnings per share (diluted)
2.10
4.06
1.72
Pre-tax, pre-provision income - FTE (Non-GAAP)
108,744
202,946
90,224
Pre-tax, pre-provision earnings per share - FTE (diluted)
2.24
4.20
1.85
Net operating income (loss) (Non-GAAP)
92,780
157,405
(1,881
)
Operating earnings (losses) per share (diluted)
1.91
3.26
(0.04
)
GAAP
Return on average assets
1.14
%
2.03
%
(0.05
)%
Return on average equity
12.56
21.18
(0.51
)
Efficiency ratio
66.46
53.44
68.93
Non-GAAP
Operating return on average assets
1.14
%
2.05
%
(0.03
)%
Operating return on average equity
12.58
21.33
(0.28
)
Operating efficiency ratio
66.40
53.11
68.19
“Our team continued to deliver and execute on core tenets that differentiate our story and value proposition for our shareholders,” said Mariner Kemper, chairman, president and chief executive officer. “During the first quarter, we saw optimistic signs of an improving operating environment. Strong balance sheet growth funded by a growing core deposit base, robust fee income generation from our diversified business lines, and solid asset quality metrics drove our strong financial results. Average loans, excluding Paycheck Protection Program (PPP) balances, increased 8.4% annualized on a linked-quarter basis. Net charge-offs averaged just 13 basis points of loans, while levels of non-performing assets and delinquencies improved from the end of the prior period. The 19-basis-point decline in net interest margin on a linked-quarter basis was due in part to excess liquidity as well as seasonal inflows in some of our businesses, which had approximately a 16 basis-point impact to our margin.”
Summary of revenue
UMB Financial Corporation
(unaudited, dollars in thousands)
Q1
Q4
Q1
CQ vs.
CQ vs.
2021
2020
2020
LQ
PY
Net interest income
$
194,115
$
194,675
$
173,941
$
(560
)
$
20,174
Noninterest income:
Trust and securities processing
54,834
50,773
47,000
4,061
7,834
Trading and investment banking
9,356
9,693
1,723
(337
)
7,633
Service charges on deposit accounts
21,976
20,074
25,081
1,902
(3,105
)
Insurance fees and commissions
420
318
259
102
161
Brokerage fees
3,334
3,918
9,860
(584
)
(6,526
)
Bankcard fees
14,673
15,788
16,545
(1,115
)
(1,872
)
Investment securities (losses) gains, net
(8,336
)
113,010
3,520
(121,346
)
(11,856
)
Other
12,640
14,716
(5,564
)
(2,076
)
18,204
Total noninterest income
$
108,897
$
228,290
$
98,424
$
(119,393
)
$
10,473
Total revenue
$
303,012
$
422,965
$
272,365
$
(119,953
)
$
30,647
Net interest income (FTE)
$
200,793
$
201,514
$
180,419
Net interest margin (FTE)
2.59
%
2.78
%
2.97
%
Total noninterest income as a % of total revenue
35.94
53.97
36.14
Net interest income
Noninterest income
Noninterest expense
Summary of noninterest expense
UMB Financial Corporation
(unaudited, dollars in thousands)
Q1
Q4
Q1
CQ vs.
CQ vs.
2021
2020
2020
LQ
PY
Salaries and employee benefits
$
127,681
$
129,272
$
111,060
$
(1,591
)
$
16,621
Occupancy, net
11,935
11,858
12,180
77
(245
)
Equipment
19,615
22,008
21,241
(2,393
)
(1,626
)
Supplies and services
3,492
4,125
4,185
(633
)
(693
)
Marketing and business development
2,345
3,717
4,640
(1,372
)
(2,295
)
Processing fees
15,417
14,408
13,390
1,009
2,027
Legal and consulting
5,755
10,191
6,110
(4,436
)
(355
)
Bankcard
4,956
4,711
4,860
245
96
Amortization of other intangible assets
1,380
1,601
1,734
(221
)
(354
)
Regulatory fees
2,546
2,393
2,366
153
180
Other
5,824
22,574
6,853
(16,750
)
(1,029
)
Total noninterest expense
$
200,946
$
226,858
$
188,619
$
(25,912
)
$
12,327
Income taxes
Balance sheet
Summary of average loans and leases - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q1
Q4
Q1
CQ vs.
CQ vs.
2021
2020
2020
LQ
PY
Commercial and industrial
$
7,139,101
$
7,079,646
$
5,786,545
$
59,455
$
1,352,556
Specialty lending
502,585
506,225
510,316
(3,640
)
(7,731
)
Commercial real estate
5,971,047
5,847,439
5,181,036
123,608
790,011
Consumer real estate
1,970,767
1,903,892
1,414,025
66,875
556,742
Consumer
117,095
128,350
141,972
(11,255
)
(24,877
)
Credit cards
362,051
382,166
418,485
(20,115
)
(56,434
)
Leases and other
183,447
193,363
164,187
(9,916
)
19,260
Total loans
$
16,246,093
$
16,041,081
$
13,616,566
$
205,012
$
2,629,527
Summary of average securities - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q1
Q4
Q1
CQ vs.
CQ vs.
2021
2020
2020
LQ
PY
Securities available for sale:
U.S. Treasury
$
36,032
$
30,778
$
49,638
$
5,254
$
(13,606
)
U.S. Agencies
95,494
96,082
94,342
(588
)
1,152
Mortgage-backed
5,599,987
5,053,821
4,133,118
546,166
1,466,869
State and political subdivisions
3,552,945
3,600,704
3,058,594
(47,759
)
494,351
Corporates
83,271
76,870
188,257
6,401
(104,986
)
Total securities available for sale
$
9,367,729
$
8,858,255
$
7,523,949
$
509,474
$
1,843,780
Securities held to maturity:
State and political subdivisions
$
1,023,418
$
1,045,640
$
1,108,716
$
(22,222
)
$
(85,298
)
Trading securities
17,540
29,659
48,102
(12,119
)
(30,562
)
Other securities
308,297
267,445
124,795
40,852
183,502
Total securities
$
10,716,984
$
10,200,999
$
8,805,562
$
515,985
$
1,911,422
Summary of average deposits - QTD Average
UMB Financial Corporation
(unaudited, dollars in thousands)
Q1
Q4
Q1
CQ vs.
CQ vs.
2021
2020
2020
LQ
PY
Deposits:
Noninterest-bearing demand
$
9,753,680
$
8,947,389
$
6,495,611
$
806,291
$
3,258,069
Interest-bearing demand and savings
16,302,880
15,250,236
13,232,370
1,052,644
3,070,510
Time deposits
769,464
767,755
1,097,780
1,709
(328,316
)
Total deposits
$
26,826,024
$
24,965,380
$
20,825,761
$
1,860,644
$
6,000,263
Noninterest bearing deposits as % of total
36.36
%
35.84
%
31.19
%
Capital
Capital information
UMB Financial Corporation
(unaudited, dollars in thousands, except per share data)
March 31, 2021
December 31, 2020
March 31, 2020
Total equity
$
2,958,239
$
3,016,948
$
2,663,441
Book value per common share
61.24
62.84
55.33
Tangible book value per common share
57.26
58.64
51.04
Regulatory capital:
Common equity Tier 1 capital
$
2,660,102
$
2,547,634
$
2,279,039
Tier 1 capital
2,660,102
2,547,634
2,279,039
Total capital
3,102,333
3,002,545
2,514,445
Regulatory capital ratios:
Common equity Tier 1 capital ratio
12.25
%
12.10
%
11.90
%
Tier 1 risk-based capital ratio
12.25
12.10
11.90
Total risk-based capital ratio
14.28
14.26
13.12
Tier 1 leverage ratio
8.08
8.37
8.81
Asset Quality
Credit quality
UMB Financial Corporation
(unaudited, dollars in thousands)
Q1
Q4
Q3
Q2
Q1
2021
2020
2020
2020
2020
Net charge-offs - Total loans
$
5,310
$
1,801
$
5,111
$
5,541
$
7,672
Net loan charge-offs as a % of total average loans
0.13
%
0.04
%
0.13
%
0.15
%
0.23
%
Loans over 90 days past due
$
1,773
$
1,952
$
1,372
$
4,588
$
2,211
Loans over 90 days past due as a % of total loans
0.01
%
0.01
%
0.01
%
0.03
%
0.02
%
Nonaccrual and restructured loans
$
76,706
$
87,823
$
93,695
$
82,245
$
97,029
Nonaccrual and restructured loans as a % of total loans
0.46
%
0.55
%
0.59
%
0.54
%
0.70
%
Provision for credit losses
$
(7,500
)
$
5,000
$
16,000
$
21,500
$
88,000
Conference Call The company plans to host a conference call to discuss its first quarter earnings results on Wednesday, April 28, 2021, at 8:30 a.m. (CT).
Interested parties may access the call by dialing (toll-free) 877-267-8760 or (international) 412-542-4148 and requesting to join the UMB Financial call. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:
UMB Financial 1Q 2021 Conference Call
A replay of the conference call may be heard through May 12, 2021 by calling (toll-free) 877-344-7529 or (international) 412-317-0088. The replay access code required for playback is 10153930. The call replay may also be accessed at investorrelations.umb.com.
Non-GAAP Financial Information In this release, we provide information about net operating income (loss), operating earnings (losses) per share - diluted (operating EPS), operating return on average equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense, operating efficiency ratio, pre-tax, pre-provision income, pre-tax, pre-provision earnings per share – diluted (PTPP EPS), pre-tax, pre-provision income on a fully tax equivalent basis (PTPP-FTE), pre-tax, pre-provision FTE earnings per share – diluted (PTPP-FTE EPS), tangible shareholders’ equity, and tangible book value per share, all of which are non-GAAP financial measures. This information supplements the results that are reported according to generally accepted accounting principles in the United States (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 (loss), operating EPS, operating ROE, operating ROA, operating noninterest expense, operating efficiency ratio, PTPP, PTPP EPS, PTPP-FTE, PTPP-FTE EPS, tangible shareholders’ equity, and tangible book value per share – 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 acquisition-, severance-, and COVID-19 related items that management does not believe reflect the company’s fundamental operating performance. COVID-19 related expense includes hazard pay for branch associates, computer hardware expense to support associates working remotely, and additional equipment, cleaning, and janitorial supplies to protect the well-being of our associates and customers while on the company’s premises.
Net operating income (loss) for the relevant period is defined as GAAP net income, adjusted to reflect the impact of excluding expenses related to acquisitions, severance expense, COVID-19 related expense, and the cumulative tax impact of these adjustments.
Operating EPS (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 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 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 non-GAAP revenue (calculated as net interest income plus noninterest income, less gains on sales of securities available for sale, net).
Pre-tax, pre-provision income for the relevant period is defined as GAAP net income, adjusted to reflect the impact of excluding income tax and provision expenses.
Pre-tax, pre-provision income on a fully tax equivalent basis for the relevant period is defined as GAAP net interest income on a fully tax equivalent basis plus noninterest income, less noninterest expense.
Tangible shareholders’ equity for the relevant period is defined as GAAP shareholders’ equity, net of intangible assets. Tangible book value per share is defined as tangible shareholders’ equity divided by the Company’s total shares outstanding.
Forward-Looking Statements: This press 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. 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, 2020, 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). In addition to such factors that have been disclosed previously, the COVID-19 pandemic (the pandemic) may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. The pandemic has created a global public-health crisis that has resulted in widespread volatility and deteriorations in household, business, economic, and market conditions. It is currently adversely affecting the company and its customers, counterparties, employees, and first-party service providers, and the continued adverse impacts on our business, financial position, results of operations, and prospects could be significant. We are not able to accurately predict the extent of the impact of the pandemic on our capital, liquidity, and other financial positions and on our business, results of operations, and prospects at this time, and we believe it will depend on a number of evolving factors, including: (i) the duration, extent and severity of the pandemic; (ii) the response of governmental and non-governmental authorities to the pandemic, which is rapidly changing and not always coordinated or consistent across jurisdictions; (iii) the effect of the pandemic on our customers, counterparties, employees and first-party service providers, which may vary widely, and which is generally expected to increase our credit, counterparty, operational, and other risks; and (iv) the effect of the pandemic on economies and markets, which in turn could adversely affect, among other things, the origination of new loans and the performance of our existing loans. Any forward-looking statement should be evaluated in light of these considerations. 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, except to the extent required by applicable securities laws. 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 financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending and investment services, personal banking, which includes wealth management and financial planning services, and institutional banking, which includes asset servicing, corporate trust solutions, investment banking, and healthcare services. UMB operates branches throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, and serves business and institutional clients nationwide. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn, or follow us on Twitter at @UMBBank. For information about UMB’s operations, approach and relief measures during the COVID-19 pandemic, please visit umb.com/COVID-19.
Consolidated Balance Sheets
UMB Financial Corporation
(unaudited, dollars in thousands)
March 31,
2021
2020
ASSETS
Loans
$
16,497,385
$
13,949,710
Allowance for credit losses on loans
(202,814
)
(187,911
)
Net loans
16,294,571
13,761,799
Loans held for sale
10,275
9,585
Securities:
Available for sale
9,753,392
7,639,451
Held to maturity, net of allowance for credit losses
1,039,711
1,110,925
Trading securities
29,099
61,177
Other securities
298,209
135,194
Total securities
11,120,411
8,946,747
Federal funds sold and resell agreements
1,629,813
784,750
Interest-bearing due from banks
3,860,763
1,109,254
Cash and due from banks
387,230
340,553
Premises and equipment, net
286,068
297,668
Accrued income
131,533
111,879
Goodwill
174,518
180,867
Other intangibles, net
17,793
25,839
Other assets
756,414
675,945
Total assets
$
34,669,389
$
26,244,886
LIABILITIES
Deposits:
Noninterest-bearing demand
$
11,604,415
$
7,269,520
Interest-bearing demand and savings
16,011,812
12,920,980
Time deposits under $250,000
457,290
595,128
Time deposits of $250,000 or more
207,275
389,892
Total deposits
28,280,792
21,175,520
Federal funds purchased and repurchase agreements
2,759,818
1,890,917
Short-term debt
—
15,000
Long-term debt
270,074
70,668
Accrued expenses and taxes
239,001
216,272
Other liabilities
161,465
213,068
Total liabilities
31,711,150
23,581,445
SHAREHOLDERS' EQUITY
Common stock
55,057
55,057
Capital surplus
1,093,667
1,073,089
Retained earnings
1,968,318
1,646,751
Accumulated other comprehensive income, net
169,197
219,390
Treasury stock
(328,000
)
(330,846
)
Total shareholders' equity
2,958,239
2,663,441
Total liabilities and shareholders' equity
$
34,669,389
$
26,244,886
Consolidated Statements of Income
UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
Three Months Ended
March 31,
2021
2020
INTEREST INCOME
Loans
$
150,170
$
151,026
Securities:
Taxable interest
27,162
27,212
Tax-exempt interest
24,964
24,404
Total securities income
52,126
51,616
Federal funds and resell agreements
2,821
5,452
Interest-bearing due from banks
703
2,663
Trading securities
159
654
Total interest income
205,979
211,411
INTEREST EXPENSE
Deposits
6,798
29,732
Federal funds and repurchase agreements
1,886
6,381
Other
3,180
1,357
Total interest expense
11,864
37,470
Net interest income
194,115
173,941
Provision for credit losses
(7,500
)
88,000
Net interest income after provision for credit losses
201,615
85,941
NONINTEREST INCOME
Trust and securities processing
54,834
47,000
Trading and investment banking
9,356
1,723
Service charges on deposit accounts
21,976
25,081
Insurance fees and commissions
420
259
Brokerage fees
3,334
9,860
Bankcard fees
14,673
16,545
Investment securities (losses) gains, net
(8,336
)
3,520
Other
12,640
(5,564
)
Total noninterest income
108,897
98,424
NONINTEREST EXPENSE
Salaries and employee benefits
127,681
111,060
Occupancy, net
11,935
12,180
Equipment
19,615
21,241
Supplies and services
3,492
4,185
Marketing and business development
2,345
4,640
Processing fees
15,417
13,390
Legal and consulting
5,755
6,110
Bankcard
4,956
4,860
Amortization of other intangible assets
1,380
1,734
Regulatory fees
2,546
2,366
Other
5,824
6,853
Total noninterest expense
200,946
188,619
Income (loss) before income taxes
109,566
(4,254
)
Income tax expense (benefit)
16,923
(815
)
NET INCOME (LOSS)
$
92,643
$
(3,439
)
PER SHARE DATA
Net income (loss) – basic
$
1.93
$
(0.07
)
Net income (loss) – diluted
1.91
(0.07
)
Dividends
0.32
0.31
Weighted average shares outstanding – basic
48,096,643
48,689,876
Weighted average shares outstanding – diluted
48,520,752
48,689,876
Consolidated Statements of Comprehensive Income
UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended
March 31,
2021
2020
Net income (loss)
$
92,643
$
(3,439
)
Other comprehensive (loss) income, before tax:
Unrealized gains and losses on debt securities:
Change in unrealized holding gains and losses, net
(199,038
)
164,116
Less: Reclassification adjustment for gains included in net income
(2,720
)
(1,227
)
Change in unrealized gains and losses on debt securities
(201,758
)
162,889
Unrealized gains and losses on derivative hedges:
Change in unrealized gains and losses on derivative hedges, net
6,503
14,525
Less: Reclassification adjustment for (gains) losses included in net income
(842
)
768
Change in unrealized gains and losses on derivative hedges
5,661
15,293
Other comprehensive (loss) income, before tax
(196,097
)
178,182
Income tax benefit (expense)
46,954
(41,972
)
Other comprehensive (loss) income
(149,143
)
136,210
Comprehensive (loss) income
$
(56,500
)
$
132,771
Consolidated Statements of Shareholders' Equity
UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Common Stock
Capital Surplus
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Total
Balance - January 1, 2020
$
55,057
$
1,073,764
$
1,672,438
$
83,180
$
(277,999
)
$
2,606,440
Total comprehensive (loss) income
—
—
(3,439
)
136,210
—
132,771
Dividends ($0.31 per share)
—
—
(15,209
)
—
—
(15,209
)
Purchase of treasury stock
—
(4,500
)
—
—
(54,886
)
(59,386
)
Forfeitures of equity awards, net of issuances
—
521
—
—
72
593
Recognition of equity-based compensation
—
2,817
—
—
—
2,817
Sale of treasury stock
—
95
—
—
89
184
Exercise of stock options
—
392
—
—
1,878
2,270
Cumulative effect adjustment
—
—
(7,039
)
—
—
(7,039
)
Balance - March 31, 2020
$
55,057
$
1,073,089
$
1,646,751
$
219,390
$
(330,846
)
$
2,663,441
Balance - January 1, 2021
$
55,057
$
1,090,450
$
1,891,246
$
318,340
$
(338,145
)
$
3,016,948
Total comprehensive income (loss)
—
—
92,643
(149,143
)
—
(56,500
)
Dividends ($0.32 per share)
—
—
(15,571
)
—
—
(15,571
)
Purchase of treasury stock
—
—
—
—
(4,027
)
(4,027
)
Issuances of equity awards, net of forfeitures
—
(4,043
)
—
—
4,738
695
Recognition of equity-based compensation
—
4,457
—
—
—
4,457
Sale of treasury stock
—
65
—
—
86
151
Exercise of stock options
—
2,738
—
—
9,348
12,086
Balance - March 31, 2021
$
55,057
$
1,093,667
$
1,968,318
$
169,197
$
(328,000
)
$
2,958,239
Average Balances / Yields and Rates
UMB Financial Corporation
(tax - equivalent basis)
(unaudited, dollars in thousands)
Three Months Ended March 31,
2021
2020
Average
Average
Average
Average
Balance
Yield/Rate
Balance
Yield/Rate
Assets
Loans, net of unearned interest
$
16,246,093
3.75
%
$
13,616,566
4.46
%
Securities:
Taxable
6,398,188
1.72
4,694,418
2.33
Tax-exempt
4,301,256
2.98
4,063,042
3.05
Total securities
10,699,444
2.23
8,757,460
2.67
Federal funds and resell agreements
1,643,894
0.70
1,224,196
1.79
Interest bearing due from banks
2,823,771
0.10
826,963
1.30
Trading securities
17,540
4.30
48,102
5.84
Total earning assets
31,430,742
2.74
24,473,287
3.58
Allowance for credit losses
(219,672
)
(112,751
)
Other assets
1,841,224
1,679,390
Total assets
$
33,052,294
$
26,039,926
Liabilities and Shareholders' Equity
Interest-bearing deposits
$
17,072,344
0.16
%
$
14,330,150
0.83
%
Federal funds and repurchase agreements
2,519,373
0.30
2,030,385
1.26
Borrowed funds
269,576
4.78
70,647
7.73
Total interest-bearing liabilities
19,861,293
0.24
16,431,182
0.92
Noninterest-bearing demand deposits
9,753,680
6,495,611
Other liabilities
445,777
392,181
Shareholders' equity
2,991,544
2,720,952
Total liabilities and shareholders' equity
$
33,052,294
$
26,039,926
Net interest spread
2.50
%
2.66
%
Net interest margin
2.59
2.97
Business Segment Information
UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended March 31, 2021
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
133,032
$
22,138
$
38,945
$
194,115
Provision for credit losses
(8,182
)
220
462
(7,500
)
Noninterest income
7,385
68,421
33,091
108,897
Noninterest expense
65,645
71,282
64,019
200,946
Income before taxes
82,954
19,057
7,555
109,566
Income tax expense
12,813
2,943
1,167
16,923
Net income
$
70,141
$
16,114
$
6,388
$
92,643
Three Months Ended March 31, 2020
Commercial Banking
Institutional Banking
Personal Banking
Total
Net interest income
$
106,948
$
33,036
$
33,957
$
173,941
Provision for credit losses
82,220
275
5,505
88,000
Noninterest income
11,240
61,952
25,232
98,424
Noninterest expense
59,043
68,453
61,123
188,619
(Loss) income before taxes
(23,075
)
26,260
(7,439
)
(4,254
)
Income tax (benefit) expense
(4,421
)
5,032
(1,426
)
(815
)
Net (loss) income
$
(18,654
)
$
21,228
$
(6,013
)
$
(3,439
)
The company has strategically aligned its operations into the following three reportable segments: Commercial Banking, Institutional Banking, and Personal Banking. Senior executive officers regularly evaluate business segment financial results produced by the company’s internal reporting system in deciding how to allocate resources and assess performance for individual business segments. The company’s reportable segments include certain corporate overhead, technology and service costs that are allocated based on methodologies that are applied consistently between periods. For comparability purposes, amounts in all periods are based on methodologies in effect at March 31, 2021.
Non-GAAP Financial Measures
Net operating income Non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Three Months Ended March 31,
2021
2020
Net income (loss) (GAAP)
$
92,643
$
(3,439
)
Adjustments:
Acquisition expense
—
123
Severance expense
21
1,652
COVID-19 related expense
155
228
Tax-impact of adjustments (i)
(39
)
(445
)
Total Non-GAAP adjustments (net of tax)
137
1,558
Net operating income (loss) (Non-GAAP)
$
92,780
$
(1,881
)
Earnings (losses) per share - diluted (GAAP)
$
1.91
$
(0.07
)
Acquisition expense
—
—
Severance expense
—
0.04
COVID-19 related expense
—
—
Tax-impact of adjustments (i)
—
(0.01
)
Operating earnings (losses) per share - diluted (Non-GAAP)
$
1.91
$
(0.04
)
GAAP
Return on average assets
1.14
%
(0.05
)%
Return on average equity
12.56
(0.51
)
Non-GAAP
Operating return on average assets
1.14
%
(0.03
)%
Operating return on average equity
12.58
(0.28
)
(i)
Calculated using the company’s marginal tax rate of 22.2%.
Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands)
Three Months Ended March 31,
2021
2020
Noninterest expense
$
200,946
$
188,619
Adjustments to arrive at operating noninterest expense (pre-tax):
Acquisition expense
—
123
Severance expense
21
1,652
COVID-19 related expense
155
228
Total Non-GAAP adjustments (pre-tax)
176
2,003
Operating noninterest expense (Non-GAAP)
$
200,770
$
186,616
Noninterest expense
$
200,946
$
188,619
Less: Amortization of other intangibles
1,380
1,734
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)
$
199,566
$
186,885
Operating noninterest expense
$
200,770
$
186,616
Less: Amortization of other intangibles
1,380
1,734
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)
$
199,390
$
184,882
Net interest income
$
194,115
$
173,941
Noninterest income
108,897
98,424
Less: Gains on sales of securities available for sale, net
2,720
1,227
Total Non-GAAP Revenue (denominator A)
$
300,292
$
271,138
Efficiency ratio (numerator A/denominator A)
66.46
%
68.93
%
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)
66.40
68.19
Pre-tax, pre-provision income non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Three Months Ended March 31,
2021
2020
Net income (loss) before taxes (GAAP)
$
109,566
$
(4,254
)
Adjustments:
Provision for credit losses
(7,500
)
88,000
Pre-tax, pre-provision income (Non-GAAP)
$
102,066
$
83,746
Pre-tax earnings (losses) per share - diluted (GAAP)
$
2.26
$
(0.09
)
Provision for credit losses
(0.16
)
1.81
Pre-tax, pre-provision earnings per share - diluted (Non-GAAP)
$
2.10
$
1.72
Pre-tax, pre-provision income - FTE Non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except per share data)
Three Months Ended March 31,
2021
2020
Net interest income
$
194,115
$
173,941
Adjustments to arrive at net interest income - FTE:
Tax equivalent interest
6,678
6,478
Net interest income - FTE
$
200,793
$
180,419
Noninterest income
108,897
98,424
Less: Noninterest expense
200,946
188,619
Pre-tax, pre-provision income - FTE (Non-GAAP)
$
108,744
$
90,224
Net interest income earnings per share - diluted
$
4.00
$
3.57
Tax equivalent interest
0.14
0.13
Net interest income - FTE
4.14
3.70
Noninterest income
2.24
2.02
Less: Noninterest expense
4.14
3.87
Pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP)
$
2.24
$
1.85
Tangible book value non-GAAP reconciliations:
UMB Financial Corporation
(unaudited, dollars in thousands except share and per share data)
As of March 31,
2021
2020
Total shareholders' equity (GAAP)
$
2,958,239
$
2,663,441
Less: Intangible assets
Goodwill
174,518
180,867
Other intangibles, net
17,793
25,839
Total intangibles, net
192,311
206,706
Total tangible shareholders' equity (Non-GAAP)
$
2,765,928
$
2,456,735
Total shares outstanding
48,302,634
48,134,601
Ratio of total shareholders' equity (book value) per share
$
61.24
$
55.33
Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP)
57.26
51.04
View source version on businesswire.com: https://www.businesswire.com/news/home/20210427005120/en/
Media Contact: Stephanie Hague: 816.860.5088 Investor Relations Contact: Kay Gregory: 816.860.7106
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