– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
First Quarter 2022 Financial Highlights
GAAP net income of $106.0 million, or $2.17 per diluted share; net operating income (a non-GAAP financial measure) of $106.1 million, or $2.17 per diluted share.
Pre-tax, pre-provision income on a fully tax equivalent basis (PTPP-FTE, a non-GAAP financial measure) of $125.7 million, an increase of 10.9% compared to the fourth quarter of 2021.
Excluding Paycheck Protection Program (PPP) balances, average loans increased 19.1% on a linked-quarter, annualized basis.
Quarterly average deposits grew 21.5% compared to the first quarter of 2021.
Noninterest income increased 13.6% as compared to the first quarter of 2021, equal to 37.0% of total revenue.
Credit quality remained strong, with net charge-offs of just 0.20% of average loans, consistent with the company’s historical performance.
KANSAS CITY, Mo.--(BUSINESS WIRE)--UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the first quarter of 2022 of $106.0 million, or $2.17 per diluted share, compared to $78.5 million, or $1.61 per diluted share, in the fourth quarter of 2021 (linked quarter) and $92.6 million, or $1.91 per diluted share, in the first quarter of 2021.
Net operating income, a non-GAAP financial measure reconciled to net income, the nearest comparable GAAP measure, later in this release, was $106.1 million, or $2.17 per diluted share, for the first quarter of 2022, compared to $78.9 million, or $1.62 per diluted share, for the linked quarter and $92.8 million, or $1.91 per diluted share, for the first quarter of 2021. 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 $125.7 million, or $2.57 per diluted share, for the first quarter of 2022, compared to $113.4 million, or $2.32 per diluted share, for the linked quarter, and $108.7 million, or $2.24 per diluted share, for the first quarter of 2021. These PTPP-FTE results represent increases of 10.9% on a linked-quarter basis and 15.6% compared to the first quarter of 2021.
“Our results for the first quarter of 2022 reflect the team’s continued execution of our differentiated business model, with robust growth on both sides of our balance sheet, strong asset quality metrics, and sustained momentum in our fee income businesses,” said Mariner Kemper, chairman, president and chief executive officer. “Compared to the first quarter of 2021, average loans excluding PPP balances and average deposits increased 15.6% and 21.5%, respectively. Together with a 13.6% increase in fee income, our first quarter revenues increased 10.2% compared to the prior period. In addition, our results benefited from a provision release of $6.5 million in the first quarter, driven by favorable portfolio metrics and the improving macro-economic outlook. I am also extremely proud of the team’s continued commitment to the communities we serve, which you may read about in our 2022 corporate citizenship and ESG report.”
Summary of quarterly financial results |
|
UMB Financial Corporation |
|
|||||||||
(unaudited, dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q4 |
|
|
Q1 |
|
|||
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|||
Net income (GAAP) |
|
$ |
105,963 |
|
|
$ |
78,496 |
|
|
$ |
92,643 |
|
Earnings per share (diluted) |
|
|
2.17 |
|
|
|
1.61 |
|
|
|
1.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision income (Non-GAAP) |
|
|
119,255 |
|
|
|
106,869 |
|
|
|
102,066 |
|
Pre-tax, pre-provision earnings per share (diluted) |
|
|
2.44 |
|
|
|
2.19 |
|
|
|
2.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision income - FTE (Non-GAAP) |
|
|
125,654 |
|
|
|
113,352 |
|
|
|
108,744 |
|
Pre-tax, pre-provision earnings per share - FTE (diluted) |
|
|
2.57 |
|
|
|
2.32 |
|
|
|
2.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income (Non-GAAP) |
|
|
106,073 |
|
|
|
78,921 |
|
|
|
92,780 |
|
Operating earnings per share (diluted) |
|
|
2.17 |
|
|
|
1.62 |
|
|
|
1.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.10 |
% |
|
|
0.82 |
% |
|
|
1.14 |
% |
Return on average equity |
|
|
14.65 |
|
|
|
9.91 |
|
|
|
12.56 |
|
Efficiency ratio |
|
|
63.98 |
|
|
|
67.78 |
|
|
|
66.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on average assets |
|
|
1.10 |
% |
|
|
0.82 |
% |
|
|
1.14 |
% |
Operating return on average equity |
|
|
14.67 |
|
|
|
9.97 |
|
|
|
12.58 |
|
Operating efficiency ratio |
|
|
63.93 |
|
|
|
67.61 |
|
|
|
66.40 |
|
Summary of revenue |
|
UMB Financial Corporation |
|
|||||||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q4 |
|
|
Q1 |
|
|
CQ vs. |
|
|
CQ vs. |
|
|||||
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
LQ |
|
|
PY |
|
|||||
Net interest income |
|
$ |
210,355 |
|
|
$ |
210,570 |
|
|
$ |
194,115 |
|
|
$ |
(215 |
) |
|
$ |
16,240 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust and securities processing |
|
|
59,528 |
|
|
|
58,515 |
|
|
|
54,834 |
|
|
|
1,013 |
|
|
|
4,694 |
|
Trading and investment banking |
|
|
5,440 |
|
|
|
6,977 |
|
|
|
9,356 |
|
|
|
(1,537 |
) |
|
|
(3,916 |
) |
Service charges on deposit accounts |
|
|
24,642 |
|
|
|
21,607 |
|
|
|
21,976 |
|
|
|
3,035 |
|
|
|
2,666 |
|
Insurance fees and commissions |
|
|
259 |
|
|
|
359 |
|
|
|
420 |
|
|
|
(100 |
) |
|
|
(161 |
) |
Brokerage fees |
|
|
3,456 |
|
|
|
3,346 |
|
|
|
3,334 |
|
|
|
110 |
|
|
|
122 |
|
Bankcard fees |
|
|
16,635 |
|
|
|
16,642 |
|
|
|
14,673 |
|
|
|
(7 |
) |
|
|
1,962 |
|
Investment securities (losses) gains, net |
|
|
(522 |
) |
|
|
1,448 |
|
|
|
(8,336 |
) |
|
|
(1,970 |
) |
|
|
7,814 |
|
Other |
|
|
14,240 |
|
|
|
9,888 |
|
|
|
12,640 |
|
|
|
4,352 |
|
|
|
1,600 |
|
Total noninterest income |
|
$ |
123,678 |
|
|
$ |
118,782 |
|
|
$ |
108,897 |
|
|
$ |
4,896 |
|
|
$ |
14,781 |
|
Total revenue |
|
$ |
334,033 |
|
|
$ |
329,352 |
|
|
$ |
303,012 |
|
|
$ |
4,681 |
|
|
$ |
31,021 |
|
Net interest income (FTE) |
|
$ |
216,754 |
|
|
$ |
217,053 |
|
|
$ |
200,793 |
|
|
|
|
|
|
|
|
|
Net interest margin (FTE) |
|
|
2.35 |
% |
|
|
2.37 |
% |
|
|
2.59 |
% |
|
|
|
|
|
|
|
|
Total noninterest income as a % of total revenue |
|
|
37.03 |
|
|
|
36.07 |
|
|
|
35.94 |
|
|
|
|
|
|
|
|
|
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. |
|
|||||
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
LQ |
|
|
PY |
|
|||||
Salaries and employee benefits |
|
$ |
130,634 |
|
|
$ |
131,360 |
|
|
$ |
127,681 |
|
|
$ |
(726 |
) |
|
$ |
2,953 |
|
Occupancy, net |
|
|
12,232 |
|
|
|
10,907 |
|
|
|
11,935 |
|
|
|
1,325 |
|
|
|
297 |
|
Equipment |
|
|
18,164 |
|
|
|
19,886 |
|
|
|
19,615 |
|
|
|
(1,722 |
) |
|
|
(1,451 |
) |
Supplies and services |
|
|
3,262 |
|
|
|
4,646 |
|
|
|
3,492 |
|
|
|
(1,384 |
) |
|
|
(230 |
) |
Marketing and business development |
|
|
4,932 |
|
|
|
6,528 |
|
|
|
2,345 |
|
|
|
(1,596 |
) |
|
|
2,587 |
|
Processing fees |
|
|
18,443 |
|
|
|
19,083 |
|
|
|
15,417 |
|
|
|
(640 |
) |
|
|
3,026 |
|
Legal and consulting |
|
|
6,911 |
|
|
|
10,858 |
|
|
|
5,755 |
|
|
|
(3,947 |
) |
|
|
1,156 |
|
Bankcard |
|
|
6,567 |
|
|
|
4,865 |
|
|
|
4,956 |
|
|
|
1,702 |
|
|
|
1,611 |
|
Amortization of other intangible assets |
|
|
1,071 |
|
|
|
1,110 |
|
|
|
1,380 |
|
|
|
(39 |
) |
|
|
(309 |
) |
Regulatory fees |
|
|
3,482 |
|
|
|
3,393 |
|
|
|
2,546 |
|
|
|
89 |
|
|
|
936 |
|
Other |
|
|
9,080 |
|
|
|
9,847 |
|
|
|
5,824 |
|
|
|
(767 |
) |
|
|
3,256 |
|
Total noninterest expense |
|
$ |
214,778 |
|
|
$ |
222,483 |
|
|
$ |
200,946 |
|
|
$ |
(7,705 |
) |
|
$ |
13,832 |
|
Summary of average loans and leases - QTD Average |
UMB Financial Corporation |
|
||||||||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q4 |
|
|
Q1 |
|
|
CQ vs. |
|
|
CQ vs. |
|
|||||
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
LQ |
|
|
PY |
|
|||||
Commercial and industrial |
|
$ |
7,409,623 |
|
|
$ |
6,994,935 |
|
|
$ |
7,139,101 |
|
|
$ |
414,688 |
|
|
$ |
270,522 |
|
Specialty lending |
|
|
463,793 |
|
|
|
484,552 |
|
|
|
502,585 |
|
|
|
(20,759 |
) |
|
|
(38,792 |
) |
Commercial real estate |
|
|
6,338,160 |
|
|
|
6,218,138 |
|
|
|
5,971,047 |
|
|
|
120,022 |
|
|
|
367,113 |
|
Consumer real estate |
|
|
2,339,050 |
|
|
|
2,272,498 |
|
|
|
1,970,767 |
|
|
|
66,552 |
|
|
|
368,283 |
|
Consumer |
|
|
135,942 |
|
|
|
107,841 |
|
|
|
117,095 |
|
|
|
28,101 |
|
|
|
18,847 |
|
Credit cards |
|
|
399,857 |
|
|
|
414,267 |
|
|
|
362,051 |
|
|
|
(14,410 |
) |
|
|
37,806 |
|
Leases and other |
|
|
274,652 |
|
|
|
200,417 |
|
|
|
183,447 |
|
|
|
74,235 |
|
|
|
91,205 |
|
Total loans |
|
$ |
17,361,077 |
|
|
$ |
16,692,648 |
|
|
$ |
16,246,093 |
|
|
$ |
668,429 |
|
|
$ |
1,114,984 |
|
Summary of average securities - QTD Average |
|
UMB Financial Corporation |
|
|||||||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q4 |
|
|
Q1 |
|
|
CQ vs. |
|
|
CQ vs. |
|
|||||
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
LQ |
|
|
PY |
|
|||||
Securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury |
|
$ |
176,476 |
|
|
$ |
69,398 |
|
|
$ |
36,032 |
|
|
$ |
107,078 |
|
|
$ |
140,444 |
|
U.S. Agencies |
|
|
125,017 |
|
|
|
93,619 |
|
|
|
95,494 |
|
|
|
31,398 |
|
|
|
29,523 |
|
Mortgage-backed |
|
|
7,317,968 |
|
|
|
7,395,528 |
|
|
|
5,599,987 |
|
|
|
(77,560 |
) |
|
|
1,717,981 |
|
State and political subdivisions |
|
|
3,170,757 |
|
|
|
3,437,841 |
|
|
|
3,552,945 |
|
|
|
(267,084 |
) |
|
|
(382,188 |
) |
Corporates |
|
|
337,526 |
|
|
|
236,743 |
|
|
|
83,271 |
|
|
|
100,783 |
|
|
|
254,255 |
|
Collateralized loan obligations |
|
|
150,134 |
|
|
|
38,099 |
|
|
|
— |
|
|
|
112,035 |
|
|
|
150,134 |
|
Total securities available for sale |
|
$ |
11,277,878 |
|
|
$ |
11,271,228 |
|
|
$ |
9,367,729 |
|
|
$ |
6,650 |
|
|
$ |
1,910,149 |
|
Securities held to maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Agencies |
|
$ |
133 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
133 |
|
|
$ |
133 |
|
Mortgage-backed |
|
|
708,075 |
|
|
|
105,622 |
|
|
|
— |
|
|
|
602,453 |
|
|
|
708,075 |
|
State and political subdivisions |
|
|
1,185,609 |
|
|
|
1,089,587 |
|
|
|
1,023,418 |
|
|
|
96,022 |
|
|
|
162,191 |
|
Total securities held to maturity |
|
$ |
1,893,817 |
|
|
$ |
1,195,209 |
|
|
$ |
1,023,418 |
|
|
$ |
698,608 |
|
|
$ |
870,399 |
|
Trading securities |
|
|
20,836 |
|
|
|
29,426 |
|
|
|
17,540 |
|
|
|
(8,590 |
) |
|
|
3,296 |
|
Other securities |
|
|
329,611 |
|
|
|
299,829 |
|
|
|
308,297 |
|
|
|
29,782 |
|
|
|
21,314 |
|
Total securities |
|
$ |
13,522,142 |
|
|
$ |
12,795,692 |
|
|
$ |
10,716,984 |
|
|
$ |
726,450 |
|
|
$ |
2,805,158 |
|
Summary of average deposits - QTD Average |
UMB Financial Corporation |
|
||||||||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q4 |
|
|
Q1 |
|
|
CQ vs. |
|
|
CQ vs. |
|
|||||
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
LQ |
|
|
PY |
|
|||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
$ |
14,025,585 |
|
|
$ |
13,124,918 |
|
|
$ |
9,753,680 |
|
|
$ |
900,667 |
|
|
$ |
4,271,905 |
|
Interest-bearing demand and savings |
|
|
17,852,721 |
|
|
|
17,809,817 |
|
|
|
16,302,880 |
|
|
|
42,904 |
|
|
|
1,549,841 |
|
Time deposits |
|
|
701,973 |
|
|
|
701,836 |
|
|
|
769,464 |
|
|
|
137 |
|
|
|
(67,491 |
) |
Total deposits |
|
$ |
32,580,279 |
|
|
$ |
31,636,571 |
|
|
$ |
26,826,024 |
|
|
$ |
943,708 |
|
|
$ |
5,754,255 |
|
Noninterest bearing deposits as % of total |
|
|
43.05 |
% |
|
|
41.49 |
% |
|
|
36.36 |
% |
|
|
|
|
|
|
|
|
Capital information |
|
UMB Financial Corporation |
|
|||||||||
(unaudited, dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
March 31,
|
|
|||
Total equity |
|
$ |
2,748,405 |
|
|
$ |
3,145,424 |
|
|
$ |
2,958,239 |
|
Book value per common share |
|
|
56.78 |
|
|
|
64.95 |
|
|
|
61.24 |
|
Tangible book value per common share |
|
|
52.69 |
|
|
|
61.05 |
|
|
|
57.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory capital: |
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1 capital |
|
$ |
2,938,100 |
|
|
$ |
2,885,576 |
|
|
$ |
2,660,102 |
|
Tier 1 capital |
|
|
2,938,100 |
|
|
|
2,885,576 |
|
|
|
2,660,102 |
|
Total capital |
|
|
3,369,866 |
|
|
|
3,324,284 |
|
|
|
3,102,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory capital ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1 capital ratio |
|
|
11.81 |
% |
|
|
12.05 |
% |
|
|
12.25 |
% |
Tier 1 risk-based capital ratio |
|
|
11.81 |
|
|
|
12.05 |
|
|
|
12.25 |
|
Total risk-based capital ratio |
|
|
13.55 |
|
|
|
13.88 |
|
|
|
14.28 |
|
Tier 1 leverage ratio |
|
|
7.53 |
|
|
|
7.61 |
|
|
|
8.08 |
|
Credit quality |
|
UMB Financial Corporation |
|
|||||||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q4 |
|
|
Q3 |
|
|
Q2 |
|
|
Q1 |
|
|||||
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
Net charge-offs - Total loans |
|
$ |
8,378 |
|
|
$ |
8,061 |
|
|
$ |
3,127 |
|
|
$ |
28,374 |
|
|
$ |
5,310 |
|
Net loan charge-offs as a % of total average loans |
|
|
0.20 |
% |
|
|
0.19 |
% |
|
|
0.07 |
% |
|
|
0.68 |
% |
|
|
0.13 |
% |
Loans over 90 days past due |
|
$ |
3,600 |
|
|
$ |
2,633 |
|
|
$ |
2,319 |
|
|
$ |
1,265 |
|
|
$ |
1,773 |
|
Loans over 90 days past due as a % of total loans |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
Nonaccrual and restructured loans |
|
$ |
110,356 |
|
|
$ |
92,300 |
|
|
$ |
96,536 |
|
|
$ |
58,219 |
|
|
$ |
76,706 |
|
Nonaccrual and restructured loans as a % of total loans |
|
|
0.62 |
% |
|
|
0.54 |
% |
|
|
0.59 |
% |
|
|
0.34 |
% |
|
|
0.46 |
% |
Provision for credit losses |
|
$ |
(6,500 |
) |
|
$ |
8,500 |
|
|
$ |
(5,000 |
) |
|
$ |
24,000 |
|
|
$ |
(7,500 |
) |
Dividend Declaration and Share Repurchase Authorization
At the company’s quarterly board meeting, the Board of Directors declared a $0.37 per share quarterly cash dividend, payable on July 1, 2022, to shareholders of record at the close of business on June 10, 2022.
As in prior years, the Board also approved the repurchase of up to 2,000,000 shares of the company’s common stock. Share repurchases may occur from time to time at any point until the regular meeting of the Board that immediately follows the 2023 annual meeting of the company’s shareholders. Shares acquired under the repurchase program may be available for reissuance or resale, including in connection with the company's compensation plans and dividend reinvestment plan. Under the repurchase program, the company may acquire the shares from time to time in open market or privately negotiated transactions, at the discretion of management.
Conference Call
The company plans to host a conference call to discuss its first quarter 2022 earnings results on Wednesday, April 27, 2022, at 8:30 a.m. (CT).
Interested parties may access the call by dialing (toll-free) 844-200-6205 or (international) 929-526-1599 and requesting to join the UMB Financial call with access code 758098. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:
UMB Financial 1Q 2022 Conference Call
A replay of the conference call may be heard through May 11, 2022 by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 176268. 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, operating earnings 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, 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 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).
PTPP income for the relevant period is defined as GAAP net income, adjusted to reflect the impact of excluding income tax and provision expenses.
PTPP-FTE 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, 2021, 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: macroeconomic and other challenges and uncertainties related to the COVID-19 pandemic, such as the impacts to the U.S. and global economies; and impacts related to or resulting from Russia’s military action in Ukraine, such as the broader impacts to financial markets and the global macroeconomic and geopolitical environments, may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. 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.
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. As the company’s reach continues to grow, it also serves business clients nationwide and institutional clients in several countries. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn, or follow us on Twitter at @UMBBank.
Consolidated Balance Sheets |
|
UMB Financial Corporation |
|
|||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
ASSETS |
|
|
|
|
|
|
|
|
Loans |
|
$ |
17,731,700 |
|
|
$ |
16,497,385 |
|
Allowance for credit losses on loans |
|
|
(179,288 |
) |
|
|
(202,814 |
) |
Net loans |
|
|
17,552,412 |
|
|
|
16,294,571 |
|
Loans held for sale |
|
|
384 |
|
|
|
10,275 |
|
Securities: |
|
|
|
|
|
|
|
|
Available for sale |
|
|
8,550,093 |
|
|
|
9,753,392 |
|
Held to maturity, net of allowance for credit losses |
|
|
4,600,187 |
|
|
|
1,039,711 |
|
Trading securities |
|
|
17,059 |
|
|
|
29,099 |
|
Other securities |
|
|
332,123 |
|
|
|
298,209 |
|
Total securities |
|
|
13,499,462 |
|
|
|
11,120,411 |
|
Federal funds sold and resell agreements |
|
|
1,319,809 |
|
|
|
1,629,813 |
|
Interest-bearing due from banks |
|
|
6,355,941 |
|
|
|
3,860,763 |
|
Cash and due from banks |
|
|
357,772 |
|
|
|
387,230 |
|
Premises and equipment, net |
|
|
264,519 |
|
|
|
286,068 |
|
Accrued income |
|
|
127,139 |
|
|
|
131,533 |
|
Goodwill |
|
|
182,225 |
|
|
|
174,518 |
|
Other intangibles, net |
|
|
15,690 |
|
|
|
17,793 |
|
Other assets |
|
|
930,389 |
|
|
|
756,414 |
|
Total assets |
|
$ |
40,605,742 |
|
|
$ |
34,669,389 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
$ |
15,946,738 |
|
|
$ |
11,604,415 |
|
Interest-bearing demand and savings |
|
|
17,828,794 |
|
|
|
16,011,812 |
|
Time deposits under $250,000 |
|
|
399,467 |
|
|
|
457,290 |
|
Time deposits of $250,000 or more |
|
|
187,566 |
|
|
|
207,275 |
|
Total deposits |
|
|
34,362,565 |
|
|
|
28,280,792 |
|
Federal funds purchased and repurchase agreements |
|
|
2,840,535 |
|
|
|
2,759,818 |
|
Long-term debt |
|
|
272,036 |
|
|
|
270,074 |
|
Accrued expenses and taxes |
|
|
178,130 |
|
|
|
239,001 |
|
Other liabilities |
|
|
204,071 |
|
|
|
161,465 |
|
Total liabilities |
|
|
37,857,337 |
|
|
|
31,711,150 |
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Common stock |
|
|
55,057 |
|
|
|
55,057 |
|
Capital surplus |
|
|
1,109,585 |
|
|
|
1,093,667 |
|
Retained earnings |
|
|
2,265,129 |
|
|
|
1,968,318 |
|
Accumulated other comprehensive (loss) income, net |
|
|
(343,128 |
) |
|
|
169,197 |
|
Treasury stock |
|
|
(338,238 |
) |
|
|
(328,000 |
) |
Total shareholders' equity |
|
|
2,748,405 |
|
|
|
2,958,239 |
|
Total liabilities and shareholders' equity |
|
$ |
40,605,742 |
|
|
$ |
34,669,389 |
|
Consolidated Statements of Income |
|
UMB Financial Corporation |
|
|||||
(unaudited, dollars in thousands except share and per share data) |
|
|
|
|
|
|||
|
|
Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
INTEREST INCOME |
|
|
|
|
|
|
|
|
Loans |
|
$ |
149,470 |
|
|
$ |
150,170 |
|
Securities: |
|
|
|
|
|
|
|
|
Taxable interest |
|
|
43,382 |
|
|
|
27,162 |
|
Tax-exempt interest |
|
|
23,855 |
|
|
|
24,964 |
|
Total securities income |
|
|
67,237 |
|
|
|
52,126 |
|
Federal funds and resell agreements |
|
|
2,450 |
|
|
|
2,821 |
|
Interest-bearing due from banks |
|
|
2,457 |
|
|
|
703 |
|
Trading securities |
|
|
185 |
|
|
|
159 |
|
Total interest income |
|
|
221,799 |
|
|
|
205,979 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
Deposits |
|
|
6,173 |
|
|
|
6,798 |
|
Federal funds and repurchase agreements |
|
|
2,148 |
|
|
|
1,886 |
|
Other |
|
|
3,123 |
|
|
|
3,180 |
|
Total interest expense |
|
|
11,444 |
|
|
|
11,864 |
|
Net interest income |
|
|
210,355 |
|
|
|
194,115 |
|
Provision for credit losses |
|
|
(6,500 |
) |
|
|
(7,500 |
) |
Net interest income after provision for credit losses |
|
|
216,855 |
|
|
|
201,615 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
Trust and securities processing |
|
|
59,528 |
|
|
|
54,834 |
|
Trading and investment banking |
|
|
5,440 |
|
|
|
9,356 |
|
Service charges on deposit accounts |
|
|
24,642 |
|
|
|
21,976 |
|
Insurance fees and commissions |
|
|
259 |
|
|
|
420 |
|
Brokerage fees |
|
|
3,456 |
|
|
|
3,334 |
|
Bankcard fees |
|
|
16,635 |
|
|
|
14,673 |
|
Investment securities losses, net |
|
|
(522 |
) |
|
|
(8,336 |
) |
Other |
|
|
14,240 |
|
|
|
12,640 |
|
Total noninterest income |
|
|
123,678 |
|
|
|
108,897 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
130,634 |
|
|
|
127,681 |
|
Occupancy, net |
|
|
12,232 |
|
|
|
11,935 |
|
Equipment |
|
|
18,164 |
|
|
|
19,615 |
|
Supplies and services |
|
|
3,262 |
|
|
|
3,492 |
|
Marketing and business development |
|
|
4,932 |
|
|
|
2,345 |
|
Processing fees |
|
|
18,443 |
|
|
|
15,417 |
|
Legal and consulting |
|
|
6,911 |
|
|
|
5,755 |
|
Bankcard |
|
|
6,567 |
|
|
|
4,956 |
|
Amortization of other intangible assets |
|
|
1,071 |
|
|
|
1,380 |
|
Regulatory fees |
|
|
3,482 |
|
|
|
2,546 |
|
Other |
|
|
9,080 |
|
|
|
5,824 |
|
Total noninterest expense |
|
|
214,778 |
|
|
|
200,946 |
|
Income before income taxes |
|
|
125,755 |
|
|
|
109,566 |
|
Income tax expense |
|
|
19,792 |
|
|
|
16,923 |
|
NET INCOME |
|
$ |
105,963 |
|
|
$ |
92,643 |
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
Net income – basic |
|
$ |
2.19 |
|
|
$ |
1.93 |
|
Net income – diluted |
|
|
2.17 |
|
|
|
1.91 |
|
Dividends |
|
|
0.37 |
|
|
|
0.32 |
|
Weighted average shares outstanding – basic |
|
|
48,406,840 |
|
|
|
48,096,643 |
|
Weighted average shares outstanding – diluted |
|
|
48,832,177 |
|
|
|
48,520,752 |
|
Consolidated Statements of Comprehensive Income |
|
UMB Financial Corporation |
|
|||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
Net income |
|
$ |
105,963 |
|
|
$ |
92,643 |
|
Other comprehensive loss, before tax: |
|
|
|
|
|
|
|
|
Unrealized gains and losses on debt securities: |
|
|
|
|
|
|
|
|
Change in unrealized holding gains and losses, net |
|
|
(622,910 |
) |
|
|
(199,038 |
) |
Less: Reclassification adjustment for gains included in net income |
|
|
— |
|
|
|
(2,720 |
) |
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity |
|
|
582 |
|
|
|
— |
|
Change in unrealized gains and losses on debt securities |
|
|
(622,328 |
) |
|
|
(201,758 |
) |
Unrealized gains and losses on derivative hedges: |
|
|
|
|
|
|
|
|
Change in unrealized gains and losses on derivative hedges, net |
|
|
4,680 |
|
|
|
6,503 |
|
Less: Reclassification adjustment for gains included in net income |
|
|
(851 |
) |
|
|
(842 |
) |
Change in unrealized gains and losses on derivative hedges |
|
|
3,829 |
|
|
|
5,661 |
|
Other comprehensive loss, before tax |
|
|
(618,499 |
) |
|
|
(196,097 |
) |
Income tax benefit |
|
|
149,057 |
|
|
|
46,954 |
|
Other comprehensive loss |
|
|
(469,442 |
) |
|
|
(149,143 |
) |
Comprehensive loss |
|
$ |
(363,479 |
) |
|
$ |
(56,500 |
) |
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, 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance - January 1, 2022 |
|
$ |
55,057 |
|
|
$ |
1,110,520 |
|
|
$ |
2,176,998 |
|
|
$ |
126,314 |
|
|
$ |
(323,465 |
) |
|
$ |
3,145,424 |
|
Total comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
105,963 |
|
|
|
(469,442 |
) |
|
|
— |
|
|
|
(363,479 |
) |
Dividends ($0.37 per share) |
|
|
— |
|
|
|
— |
|
|
|
(17,832 |
) |
|
|
— |
|
|
|
— |
|
|
|
(17,832 |
) |
Purchase of treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22,487 |
) |
|
|
(22,487 |
) |
Issuances of equity awards, net of forfeitures |
|
|
— |
|
|
|
(6,630 |
) |
|
|
— |
|
|
|
— |
|
|
|
7,309 |
|
|
|
679 |
|
Recognition of equity-based compensation |
|
|
— |
|
|
|
5,485 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,485 |
|
Sale of treasury stock |
|
|
— |
|
|
|
84 |
|
|
|
— |
|
|
|
— |
|
|
|
54 |
|
|
|
138 |
|
Exercise of stock options |
|
|
— |
|
|
|
126 |
|
|
|
— |
|
|
|
— |
|
|
|
351 |
|
|
|
477 |
|
Balance - March 31, 2022 |
|
$ |
55,057 |
|
|
$ |
1,109,585 |
|
|
$ |
2,265,129 |
|
|
$ |
(343,128 |
) |
|
$ |
(338,238 |
) |
|
$ |
2,748,405 |
|
Average Balances / Yields and Rates |
|
UMB Financial Corporation |
|
|||||||||||||
(tax - equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|||||||||||||
|
|
2022 |
|
|
2021 |
|
||||||||||
|
|
Average |
|
|
Average |
|
|
Average |
|
|
Average |
|
||||
|
|
Balance |
|
|
Yield/Rate |
|
|
Balance |
|
|
Yield/Rate |
|
||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of unearned interest |
|
$ |
17,361,077 |
|
|
|
3.49 |
% |
|
$ |
16,246,093 |
|
|
|
3.75 |
% |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
9,461,567 |
|
|
|
1.86 |
|
|
|
6,398,188 |
|
|
|
1.72 |
|
Tax-exempt |
|
|
4,039,739 |
|
|
|
3.03 |
|
|
|
4,301,256 |
|
|
|
2.98 |
|
Total securities |
|
|
13,501,306 |
|
|
|
2.21 |
|
|
|
10,699,444 |
|
|
|
2.23 |
|
Federal funds and resell agreements |
|
|
1,265,776 |
|
|
|
0.78 |
|
|
|
1,643,894 |
|
|
|
0.70 |
|
Interest bearing due from banks |
|
|
5,320,360 |
|
|
|
0.19 |
|
|
|
2,823,771 |
|
|
|
0.10 |
|
Trading securities |
|
|
20,836 |
|
|
|
4.38 |
|
|
|
17,540 |
|
|
|
4.30 |
|
Total earning assets |
|
|
37,469,355 |
|
|
|
2.47 |
|
|
|
31,430,742 |
|
|
|
2.74 |
|
Allowance for credit losses |
|
|
(198,217 |
) |
|
|
|
|
|
|
(219,672 |
) |
|
|
|
|
Other assets |
|
|
1,882,376 |
|
|
|
|
|
|
|
1,841,224 |
|
|
|
|
|
Total assets |
|
$ |
39,153,514 |
|
|
|
|
|
|
$ |
33,052,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
18,554,694 |
|
|
|
0.13 |
% |
|
$ |
17,072,344 |
|
|
|
0.16 |
% |
Federal funds and repurchase agreements |
|
|
2,973,785 |
|
|
|
0.29 |
|
|
|
2,519,373 |
|
|
|
0.30 |
|
Borrowed funds |
|
|
271,731 |
|
|
|
4.66 |
|
|
|
269,576 |
|
|
|
4.78 |
|
Total interest-bearing liabilities |
|
|
21,800,210 |
|
|
|
0.21 |
|
|
|
19,861,293 |
|
|
|
0.24 |
|
Noninterest-bearing demand deposits |
|
|
14,025,585 |
|
|
|
|
|
|
|
9,753,680 |
|
|
|
|
|
Other liabilities |
|
|
394,714 |
|
|
|
|
|
|
|
445,777 |
|
|
|
|
|
Shareholders' equity |
|
|
2,933,005 |
|
|
|
|
|
|
|
2,991,544 |
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
39,153,514 |
|
|
|
|
|
|
$ |
33,052,294 |
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
2.26 |
% |
|
|
|
|
|
|
2.50 |
% |
Net interest margin |
|
|
|
|
|
|
2.35 |
|
|
|
|
|
|
|
2.59 |
|
Business Segment Information |
|
UMB Financial Corporation |
|
|||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2022 |
|
|||||||||||||
|
|
Commercial Banking |
|
|
Institutional Banking |
|
|
Personal Banking |
|
|
Total |
|
||||
Net interest income |
|
$ |
145,002 |
|
|
$ |
26,253 |
|
|
$ |
39,100 |
|
|
$ |
210,355 |
|
Provision for credit losses |
|
|
(7,040 |
) |
|
|
151 |
|
|
|
389 |
|
|
|
(6,500 |
) |
Noninterest income |
|
|
26,707 |
|
|
|
73,262 |
|
|
|
23,709 |
|
|
|
123,678 |
|
Noninterest expense |
|
|
79,596 |
|
|
|
75,592 |
|
|
|
59,590 |
|
|
|
214,778 |
|
Income before taxes |
|
|
99,153 |
|
|
|
23,772 |
|
|
|
2,830 |
|
|
|
125,755 |
|
Income tax expense |
|
|
15,606 |
|
|
|
3,741 |
|
|
|
445 |
|
|
|
19,792 |
|
Net income |
|
$ |
83,547 |
|
|
$ |
20,031 |
|
|
$ |
2,385 |
|
|
$ |
105,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2021 |
|
|||||||||||||
|
|
Commercial Banking |
|
|
Institutional Banking |
|
|
Personal Banking |
|
|
Total |
|
||||
Net interest income |
|
$ |
136,410 |
|
|
$ |
22,138 |
|
|
$ |
35,567 |
|
|
$ |
194,115 |
|
Provision for credit losses |
|
|
(8,178 |
) |
|
|
220 |
|
|
|
458 |
|
|
|
(7,500 |
) |
Noninterest income |
|
|
8,176 |
|
|
|
68,421 |
|
|
|
32,300 |
|
|
|
108,897 |
|
Noninterest expense |
|
|
69,725 |
|
|
|
71,282 |
|
|
|
59,939 |
|
|
|
200,946 |
|
Income before taxes |
|
|
83,039 |
|
|
|
19,057 |
|
|
|
7,470 |
|
|
|
109,566 |
|
Income tax expense |
|
|
12,826 |
|
|
|
2,943 |
|
|
|
1,154 |
|
|
|
16,923 |
|
Net income |
|
$ |
70,213 |
|
|
$ |
16,114 |
|
|
$ |
6,316 |
|
|
$ |
92,643 |
|
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, 2022.
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, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
Net income (GAAP) |
|
$ |
105,963 |
|
|
$ |
92,643 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Acquisition expense |
|
|
— |
|
|
|
— |
|
Severance expense |
|
|
145 |
|
|
|
21 |
|
COVID-19 related expense |
|
|
— |
|
|
|
155 |
|
Tax-impact of adjustments (i) |
|
|
(35 |
) |
|
|
(39 |
) |
Total Non-GAAP adjustments (net of tax) |
|
|
110 |
|
|
|
137 |
|
Net operating income (Non-GAAP) |
|
$ |
106,073 |
|
|
$ |
92,780 |
|
|
|
|
|
|
|
|
|
|
Earnings per share - diluted (GAAP) |
|
$ |
2.17 |
|
|
$ |
1.91 |
|
Acquisition expense |
|
|
— |
|
|
|
— |
|
Severance expense |
|
|
— |
|
|
|
— |
|
COVID-19 related expense |
|
|
— |
|
|
|
— |
|
Tax-impact of adjustments (i) |
|
|
— |
|
|
|
— |
|
Operating earnings per share - diluted (Non-GAAP) |
|
$ |
2.17 |
|
|
$ |
1.91 |
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.10 |
% |
|
|
1.14 |
% |
Return on average equity |
|
|
14.65 |
|
|
|
12.56 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP |
|
|
|
|
|
|
|
|
Operating return on average assets |
|
|
1.10 |
% |
|
|
1.14 |
% |
Operating return on average equity |
|
|
14.67 |
|
|
|
12.58 |
|
(i) Calculated using the company’s marginal tax rate of 24.0% in 2022 and 22.2% in 2021.
Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations: |
|
UMB Financial Corporation |
|
|||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
Noninterest expense |
|
$ |
214,778 |
|
|
$ |
200,946 |
|
Adjustments to arrive at operating noninterest expense (pre-tax): |
|
|
|
|
|
|
|
|
Acquisition expense |
|
|
— |
|
|
|
— |
|
Severance expense |
|
|
145 |
|
|
|
21 |
|
COVID-19 related expense |
|
|
— |
|
|
|
155 |
|
Total Non-GAAP adjustments (pre-tax) |
|
|
145 |
|
|
|
176 |
|
Operating noninterest expense (Non-GAAP) |
|
$ |
214,633 |
|
|
$ |
200,770 |
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
|
$ |
214,778 |
|
|
$ |
200,946 |
|
Less: Amortization of other intangibles |
|
|
1,071 |
|
|
|
1,380 |
|
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A) |
|
$ |
213,707 |
|
|
$ |
199,566 |
|
|
|
|
|
|
|
|
|
|
Operating noninterest expense |
|
$ |
214,633 |
|
|
$ |
200,770 |
|
Less: Amortization of other intangibles |
|
|
1,071 |
|
|
|
1,380 |
|
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B) |
|
$ |
213,562 |
|
|
$ |
199,390 |
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
210,355 |
|
|
$ |
194,115 |
|
Noninterest income |
|
|
123,678 |
|
|
|
108,897 |
|
Less: Gains on sales of securities available for sale, net |
|
|
— |
|
|
|
2,720 |
|
Total Non-GAAP Revenue (denominator A) |
|
$ |
334,033 |
|
|
$ |
300,292 |
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (numerator A/denominator A) |
|
|
63.98 |
% |
|
|
66.46 |
% |
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A) |
|
|
63.93 |
|
|
|
66.40 |
|
Pre-tax, pre-provision income non-GAAP reconciliations: |
UMB Financial Corporation |
|
||||||
(unaudited, dollars in thousands except per share data) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
Net income before taxes (GAAP) |
|
$ |
125,755 |
|
|
$ |
109,566 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Provision for credit losses |
|
|
(6,500 |
) |
|
|
(7,500 |
) |
Pre-tax, pre-provision income (Non-GAAP) |
|
$ |
119,255 |
|
|
$ |
102,066 |
|
|
|
|
|
|
|
|
|
|
Pre-tax earnings per share - diluted (GAAP) |
|
$ |
2.58 |
|
|
$ |
2.26 |
|
Provision for credit losses |
|
|
(0.14 |
) |
|
|
(0.16 |
) |
Pre-tax, pre-provision earnings per share - diluted (Non-GAAP) |
|
$ |
2.44 |
|
|
$ |
2.10 |
|
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, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
Net interest income |
|
$ |
210,355 |
|
|
$ |
194,115 |
|
Adjustments to arrive at net interest income - FTE: |
|
|
|
|
|
|
|
|
Tax equivalent interest |
|
|
6,399 |
|
|
|
6,678 |
|
Net interest income - FTE |
|
$ |
216,754 |
|
|
$ |
200,793 |
|
Noninterest income |
|
|
123,678 |
|
|
|
108,897 |
|
Less: Noninterest expense |
|
|
214,778 |
|
|
|
200,946 |
|
Pre-tax, pre-provision income - FTE (Non-GAAP) |
|
$ |
125,654 |
|
|
$ |
108,744 |
|
|
|
|
|
|
|
|
|
|
Net interest income earnings per share - diluted |
|
$ |
4.31 |
|
|
$ |
4.00 |
|
Tax equivalent interest |
|
|
0.13 |
|
|
|
0.14 |
|
Net interest income - FTE |
|
|
4.44 |
|
|
|
4.14 |
|
Noninterest income |
|
|
2.53 |
|
|
|
2.24 |
|
Less: Noninterest expense |
|
|
4.40 |
|
|
|
4.14 |
|
Pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP) |
|
$ |
2.57 |
|
|
$ |
2.24 |
|
Tangible book value non-GAAP reconciliations: |
UMB Financial Corporation |
|
||||||
(unaudited, dollars in thousands except share and per share data) |
|
|
|
|
|
|
|
|
|
|
As of March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
Total shareholders' equity (GAAP) |
|
$ |
2,748,405 |
|
|
$ |
2,958,239 |
|
Less: Intangible assets |
|
|
|
|
|
|
|
|
Goodwill |
|
|
182,225 |
|
|
|
174,518 |
|
Other intangibles, net |
|
|
15,690 |
|
|
|
17,793 |
|
Total intangibles, net |
|
|
197,915 |
|
|
|
192,311 |
|
Total tangible shareholders' equity (Non-GAAP) |
|
$ |
2,550,490 |
|
|
$ |
2,765,928 |
|
|
|
|
|
|
|
|
|
|
Total shares outstanding |
|
|
48,403,262 |
|
|
|
48,302,634 |
|
|
|
|
|
|
|
|
|
|
Ratio of total shareholders' equity (book value) per share |
|
$ |
56.78 |
|
|
$ |
61.24 |
|
Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP) |
|
|
52.69 |
|
|
|
57.26 |
|
Основные финансовые показатели Первого квартала 2022 года
Чистая прибыль по ОПБУ составила 106,0 млн долларов, или 2,17 доллара на разводненную акцию; чистый операционный доход (финансовый показатель, не относящийся к ОПБУ) составил 106,1 млн долларов, или 2,17 доллара на разводненную акцию.
Доход до налогообложения, до создания резерва на основе полного налогового эквивалента (PTPP-FTE, финансовый показатель, не относящийся к GAAP) в размере 125,7 млн долларов США, что на 10,9% больше по сравнению с четвертым кварталом 2021 года.
Без учета остатков средств по Программе защиты зарплаты (PPP) средний объем кредитов увеличился на 19,1% в годовом исчислении за первый квартал.
Среднеквартальные депозиты выросли на 21,5% по сравнению с первым кварталом 2021 года.
Непроцентные доходы увеличились на 13,6% по сравнению с первым кварталом 2021 года, составив 37,0% от общей выручки.
Кредитное качество оставалось высоким: чистые списания составили всего 0,20% от среднего объема кредитов, что соответствует историческим показателям компании.
КАНЗАС-СИТИ, МИССУРИ -- (BUSINESS WIRE)--UMB Financial Corporation (Nasdaq: UMBF), компания, предоставляющая финансовые услуги, объявила о чистой прибыли за первый квартал 2022 года в размере 106,0 млн долларов, или 2,17 доллара на разводненную акцию, по сравнению с 78,5 млн долларов, или 1,61 доллара на разводненную акцию, в четвертый квартал 2021 года (связанный квартал) и 92,6 млн долларов, или 1,91 доллара на разводненную акцию, в первом квартале 2021 года.
Чистый операционный доход, финансовый показатель, не относящийся к GAAP, сверенный с чистой прибылью, ближайшим сопоставимым показателем GAAP, позже в этом выпуске, составил 106,1 млн долларов, или 2,17 доллара на разводненную акцию, за первый квартал 2022 года по сравнению с 78,9 млн долларов, или 1,62 доллара на разводненную акцию, за аналогичный период прошлого года. связанный квартал и 92,8 млн долларов, или 1,91 доллара на разводненную акцию, за первый квартал 2021 года. PTPP-FTE, показатель, не относящийся к GAAP, сверенный с компонентами чистой прибыли до налогообложения, ближайший сопоставимый показатель GAAP, приведенный позже в этом выпуске, составил 125,7 млн долларов, или 2,57 доллара на разводненную акцию, за первый квартал 2022 года по сравнению с 113,4 млн долларов, или 2,32 доллара на разводненную акцию. акцию за соответствующий квартал и 108,7 млн долларов, или 2,24 доллара на разводненную акцию, за первый квартал 2021 года. Эти результаты PTPP-FTE представляют собой увеличение на 10,9% по сравнению с предыдущим кварталом и на 15,6% по сравнению с первым кварталом 2021 года.
“Наши результаты за первый квартал 2022 года отражают продолжающуюся реализацию командой нашей дифференцированной бизнес-модели с устойчивым ростом по обе стороны нашего баланса, высокими показателями качества активов и устойчивым темпом в нашем бизнесе с комиссионным доходом”, - сказал Маринер Кемпер, председатель, президент и главный исполнительный директор. “По сравнению с первым кварталом 2021 года средние кредиты без учета остатков по ППС и средние депозиты увеличились на 15,6% и 21,5% соответственно. Вместе с увеличением комиссионных доходов на 13,6% наши доходы за первый квартал выросли на 10,2% по сравнению с предыдущим периодом. Кроме того, наши результаты улучшились благодаря высвобождению резервов в размере 6,5 миллионов долларов в первом квартале, что обусловлено благоприятными показателями портфеля и улучшением макроэкономических перспектив. Я также чрезвычайно горжусь неизменной приверженностью команды сообществам, которым мы служим, о чем вы можете прочитать в нашем отчете о корпоративном гражданстве и ESG за 2022 год”.
Summary of quarterly financial results |
|
UMB Financial Corporation |
|
|||||||||
(unaudited, dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q4 |
|
|
Q1 |
|
|||
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|||
Net income (GAAP) |
|
$ |
105,963 |
|
|
$ |
78,496 |
|
|
$ |
92,643 |
|
Earnings per share (diluted) |
|
|
2.17 |
|
|
|
1.61 |
|
|
|
1.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision income (Non-GAAP) |
|
|
119,255 |
|
|
|
106,869 |
|
|
|
102,066 |
|
Pre-tax, pre-provision earnings per share (diluted) |
|
|
2.44 |
|
|
|
2.19 |
|
|
|
2.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision income - FTE (Non-GAAP) |
|
|
125,654 |
|
|
|
113,352 |
|
|
|
108,744 |
|
Pre-tax, pre-provision earnings per share - FTE (diluted) |
|
|
2.57 |
|
|
|
2.32 |
|
|
|
2.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income (Non-GAAP) |
|
|
106,073 |
|
|
|
78,921 |
|
|
|
92,780 |
|
Operating earnings per share (diluted) |
|
|
2.17 |
|
|
|
1.62 |
|
|
|
1.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.10 |
% |
|
|
0.82 |
% |
|
|
1.14 |
% |
Return on average equity |
|
|
14.65 |
|
|
|
9.91 |
|
|
|
12.56 |
|
Efficiency ratio |
|
|
63.98 |
|
|
|
67.78 |
|
|
|
66.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on average assets |
|
|
1.10 |
% |
|
|
0.82 |
% |
|
|
1.14 |
% |
Operating return on average equity |
|
|
14.67 |
|
|
|
9.97 |
|
|
|
12.58 |
|
Operating efficiency ratio |
|
|
63.93 |
|
|
|
67.61 |
|
|
|
66.40 |
|
Summary of revenue |
|
UMB Financial Corporation |
|
|||||||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q4 |
|
|
Q1 |
|
|
CQ vs. |
|
|
CQ vs. |
|
|||||
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
LQ |
|
|
PY |
|
|||||
Net interest income |
|
$ |
210,355 |
|
|
$ |
210,570 |
|
|
$ |
194,115 |
|
|
$ |
(215 |
) |
|
$ |
16,240 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust and securities processing |
|
|
59,528 |
|
|
|
58,515 |
|
|
|
54,834 |
|
|
|
1,013 |
|
|
|
4,694 |
|
Trading and investment banking |
|
|
5,440 |
|
|
|
6,977 |
|
|
|
9,356 |
|
|
|
(1,537 |
) |
|
|
(3,916 |
) |
Service charges on deposit accounts |
|
|
24,642 |
|
|
|
21,607 |
|
|
|
21,976 |
|
|
|
3,035 |
|
|
|
2,666 |
|
Insurance fees and commissions |
|
|
259 |
|
|
|
359 |
|
|
|
420 |
|
|
|
(100 |
) |
|
|
(161 |
) |
Brokerage fees |
|
|
3,456 |
|
|
|
3,346 |
|
|
|
3,334 |
|
|
|
110 |
|
|
|
122 |
|
Bankcard fees |
|
|
16,635 |
|
|
|
16,642 |
|
|
|
14,673 |
|
|
|
(7 |
) |
|
|
1,962 |
|
Investment securities (losses) gains, net |
|
|
(522 |
) |
|
|
1,448 |
|
|
|
(8,336 |
) |
|
|
(1,970 |
) |
|
|
7,814 |
|
Other |
|
|
14,240 |
|
|
|
9,888 |
|
|
|
12,640 |
|
|
|
4,352 |
|
|
|
1,600 |
|
Total noninterest income |
|
$ |
123,678 |
|
|
$ |
118,782 |
|
|
$ |
108,897 |
|
|
$ |
4,896 |
|
|
$ |
14,781 |
|
Total revenue |
|
$ |
334,033 |
|
|
$ |
329,352 |
|
|
$ |
303,012 |
|
|
$ |
4,681 |
|
|
$ |
31,021 |
|
Net interest income (FTE) |
|
$ |
216,754 |
|
|
$ |
217,053 |
|
|
$ |
200,793 |
|
|
|
|
|
|
|
|
|
Net interest margin (FTE) |
|
|
2.35 |
% |
|
|
2.37 |
% |
|
|
2.59 |
% |
|
|
|
|
|
|
|
|
Total noninterest income as a % of total revenue |
|
|
37.03 |
|
|
|
36.07 |
|
|
|
35.94 |
|
|
|
|
|
|
|
|
|
Чистый процентный доход
Незаинтересованный доход
Незаинтересованные расходы
Summary of noninterest expense |
|
UMB Financial Corporation |
|
|||||||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q4 |
|
|
Q1 |
|
|
CQ vs. |
|
|
CQ vs. |
|
|||||
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
LQ |
|
|
PY |
|
|||||
Salaries and employee benefits |
|
$ |
130,634 |
|
|
$ |
131,360 |
|
|
$ |
127,681 |
|
|
$ |
(726 |
) |
|
$ |
2,953 |
|
Occupancy, net |
|
|
12,232 |
|
|
|
10,907 |
|
|
|
11,935 |
|
|
|
1,325 |
|
|
|
297 |
|
Equipment |
|
|
18,164 |
|
|
|
19,886 |
|
|
|
19,615 |
|
|
|
(1,722 |
) |
|
|
(1,451 |
) |
Supplies and services |
|
|
3,262 |
|
|
|
4,646 |
|
|
|
3,492 |
|
|
|
(1,384 |
) |
|
|
(230 |
) |
Marketing and business development |
|
|
4,932 |
|
|
|
6,528 |
|
|
|
2,345 |
|
|
|
(1,596 |
) |
|
|
2,587 |
|
Processing fees |
|
|
18,443 |
|
|
|
19,083 |
|
|
|
15,417 |
|
|
|
(640 |
) |
|
|
3,026 |
|
Legal and consulting |
|
|
6,911 |
|
|
|
10,858 |
|
|
|
5,755 |
|
|
|
(3,947 |
) |
|
|
1,156 |
|
Bankcard |
|
|
6,567 |
|
|
|
4,865 |
|
|
|
4,956 |
|
|
|
1,702 |
|
|
|
1,611 |
|
Amortization of other intangible assets |
|
|
1,071 |
|
|
|
1,110 |
|
|
|
1,380 |
|
|
|
(39 |
) |
|
|
(309 |
) |
Regulatory fees |
|
|
3,482 |
|
|
|
3,393 |
|
|
|
2,546 |
|
|
|
89 |
|
|
|
936 |
|
Other |
|
|
9,080 |
|
|
|
9,847 |
|
|
|
5,824 |
|
|
|
(767 |
) |
|
|
3,256 |
|
Total noninterest expense |
|
$ |
214,778 |
|
|
$ |
222,483 |
|
|
$ |
200,946 |
|
|
$ |
(7,705 |
) |
|
$ |
13,832 |
|
Summary of average loans and leases - QTD Average |
UMB Financial Corporation |
|
||||||||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q4 |
|
|
Q1 |
|
|
CQ vs. |
|
|
CQ vs. |
|
|||||
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
LQ |
|
|
PY |
|
|||||
Commercial and industrial |
|
$ |
7,409,623 |
|
|
$ |
6,994,935 |
|
|
$ |
7,139,101 |
|
|
$ |
414,688 |
|
|
$ |
270,522 |
|
Specialty lending |
|
|
463,793 |
|
|
|
484,552 |
|
|
|
502,585 |
|
|
|
(20,759 |
) |
|
|
(38,792 |
) |
Commercial real estate |
|
|
6,338,160 |
|
|
|
6,218,138 |
|
|
|
5,971,047 |
|
|
|
120,022 |
|
|
|
367,113 |
|
Consumer real estate |
|
|
2,339,050 |
|
|
|
2,272,498 |
|
|
|
1,970,767 |
|
|
|
66,552 |
|
|
|
368,283 |
|
Consumer |
|
|
135,942 |
|
|
|
107,841 |
|
|
|
117,095 |
|
|
|
28,101 |
|
|
|
18,847 |
|
Credit cards |
|
|
399,857 |
|
|
|
414,267 |
|
|
|
362,051 |
|
|
|
(14,410 |
) |
|
|
37,806 |
|
Leases and other |
|
|
274,652 |
|
|
|
200,417 |
|
|
|
183,447 |
|
|
|
74,235 |
|
|
|
91,205 |
|
Total loans |
|
$ |
17,361,077 |
|
|
$ |
16,692,648 |
|
|
$ |
16,246,093 |
|
|
$ |
668,429 |
|
|
$ |
1,114,984 |
|
Summary of average securities - QTD Average |
|
UMB Financial Corporation |
|
|||||||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q4 |
|
|
Q1 |
|
|
CQ vs. |
|
|
CQ vs. |
|
|||||
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
LQ |
|
|
PY |
|
|||||
Securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury |
|
$ |
176,476 |
|
|
$ |
69,398 |
|
|
$ |
36,032 |
|
|
$ |
107,078 |
|
|
$ |
140,444 |
|
U.S. Agencies |
|
|
125,017 |
|
|
|
93,619 |
|
|
|
95,494 |
|
|
|
31,398 |
|
|
|
29,523 |
|
Mortgage-backed |
|
|
7,317,968 |
|
|
|
7,395,528 |
|
|
|
5,599,987 |
|
|
|
(77,560 |
) |
|
|
1,717,981 |
|
State and political subdivisions |
|
|
3,170,757 |
|
|
|
3,437,841 |
|
|
|
3,552,945 |
|
|
|
(267,084 |
) |
|
|
(382,188 |
) |
Corporates |
|
|
337,526 |
|
|
|
236,743 |
|
|
|
83,271 |
|
|
|
100,783 |
|
|
|
254,255 |
|
Collateralized loan obligations |
|
|
150,134 |
|
|
|
38,099 |
|
|
|
— |
|
|
|
112,035 |
|
|
|
150,134 |
|
Total securities available for sale |
|
$ |
11,277,878 |
|
|
$ |
11,271,228 |
|
|
$ |
9,367,729 |
|
|
$ |
6,650 |
|
|
$ |
1,910,149 |
|
Securities held to maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Agencies |
|
$ |
133 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
133 |
|
|
$ |
133 |
|
Mortgage-backed |
|
|
708,075 |
|
|
|
105,622 |
|
|
|
— |
|
|
|
602,453 |
|
|
|
708,075 |
|
State and political subdivisions |
|
|
1,185,609 |
|
|
|
1,089,587 |
|
|
|
1,023,418 |
|
|
|
96,022 |
|
|
|
162,191 |
|
Total securities held to maturity |
|
$ |
1,893,817 |
|
|
$ |
1,195,209 |
|
|
$ |
1,023,418 |
|
|
$ |
698,608 |
|
|
$ |
870,399 |
|
Trading securities |
|
|
20,836 |
|
|
|
29,426 |
|
|
|
17,540 |
|
|
|
(8,590 |
) |
|
|
3,296 |
|
Other securities |
|
|
329,611 |
|
|
|
299,829 |
|
|
|
308,297 |
|
|
|
29,782 |
|
|
|
21,314 |
|
Total securities |
|
$ |
13,522,142 |
|
|
$ |
12,795,692 |
|
|
$ |
10,716,984 |
|
|
$ |
726,450 |
|
|
$ |
2,805,158 |
|
Summary of average deposits - QTD Average |
UMB Financial Corporation |
|
||||||||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q4 |
|
|
Q1 |
|
|
CQ vs. |
|
|
CQ vs. |
|
|||||
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
LQ |
|
|
PY |
|
|||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
$ |
14,025,585 |
|
|
$ |
13,124,918 |
|
|
$ |
9,753,680 |
|
|
$ |
900,667 |
|
|
$ |
4,271,905 |
|
Interest-bearing demand and savings |
|
|
17,852,721 |
|
|
|
17,809,817 |
|
|
|
16,302,880 |
|
|
|
42,904 |
|
|
|
1,549,841 |
|
Time deposits |
|
|
701,973 |
|
|
|
701,836 |
|
|
|
769,464 |
|
|
|
137 |
|
|
|
(67,491 |
) |
Total deposits |
|
$ |
32,580,279 |
|
|
$ |
31,636,571 |
|
|
$ |
26,826,024 |
|
|
$ |
943,708 |
|
|
$ |
5,754,255 |
|
Noninterest bearing deposits as % of total |
|
|
43.05 |
% |
|
|
41.49 |
% |
|
|
36.36 |
% |
|
|
|
|
|
|
|
|
Capital information |
|
UMB Financial Corporation |
|
|||||||||
(unaudited, dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
March 31,
|
|
|||
Total equity |
|
$ |
2,748,405 |
|
|
$ |
3,145,424 |
|
|
$ |
2,958,239 |
|
Book value per common share |
|
|
56.78 |
|
|
|
64.95 |
|
|
|
61.24 |
|
Tangible book value per common share |
|
|
52.69 |
|
|
|
61.05 |
|
|
|
57.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory capital: |
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1 capital |
|
$ |
2,938,100 |
|
|
$ |
2,885,576 |
|
|
$ |
2,660,102 |
|
Tier 1 capital |
|
|
2,938,100 |
|
|
|
2,885,576 |
|
|
|
2,660,102 |
|
Total capital |
|
|
3,369,866 |
|
|
|
3,324,284 |
|
|
|
3,102,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory capital ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1 capital ratio |
|
|
11.81 |
% |
|
|
12.05 |
% |
|
|
12.25 |
% |
Tier 1 risk-based capital ratio |
|
|
11.81 |
|
|
|
12.05 |
|
|
|
12.25 |
|
Total risk-based capital ratio |
|
|
13.55 |
|
|
|
13.88 |
|
|
|
14.28 |
|
Tier 1 leverage ratio |
|
|
7.53 |
|
|
|
7.61 |
|
|
|
8.08 |
|
Credit quality |
|
UMB Financial Corporation |
|
|||||||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
|
Q4 |
|
|
Q3 |
|
|
Q2 |
|
|
Q1 |
|
|||||
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|||||
Net charge-offs - Total loans |
|
$ |
8,378 |
|
|
$ |
8,061 |
|
|
$ |
3,127 |
|
|
$ |
28,374 |
|
|
$ |
5,310 |
|
Net loan charge-offs as a % of total average loans |
|
|
0.20 |
% |
|
|
0.19 |
% |
|
|
0.07 |
% |
|
|
0.68 |
% |
|
|
0.13 |
% |
Loans over 90 days past due |
|
$ |
3,600 |
|
|
$ |
2,633 |
|
|
$ |
2,319 |
|
|
$ |
1,265 |
|
|
$ |
1,773 |
|
Loans over 90 days past due as a % of total loans |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
Nonaccrual and restructured loans |
|
$ |
110,356 |
|
|
$ |
92,300 |
|
|
$ |
96,536 |
|
|
$ |
58,219 |
|
|
$ |
76,706 |
|
Nonaccrual and restructured loans as a % of total loans |
|
|
0.62 |
% |
|
|
0.54 |
% |
|
|
0.59 |
% |
|
|
0.34 |
% |
|
|
0.46 |
% |
Provision for credit losses |
|
$ |
(6,500 |
) |
|
$ |
8,500 |
|
|
$ |
(5,000 |
) |
|
$ |
24,000 |
|
|
$ |
(7,500 |
) |
Объявление дивидендов и Разрешение на обратный выкуп акций
На ежеквартальном заседании совета директоров компании Совет директоров объявил ежеквартальный денежный дивиденд в размере 0,37 доллара США на акцию, подлежащий выплате 1 июля 2022 года акционерам record на момент закрытия бизнеса 10 июня 2022 года.
Как и в предыдущие годы, Совет директоров также одобрил выкуп до 2 000 000 обыкновенных акций компании. Выкуп акций может происходить время от времени в любой момент до очередного заседания Совета директоров, которое состоится сразу после годового собрания акционеров компании в 2023 году. Акции, приобретенные в рамках программы обратного выкупа, могут быть доступны для переоформления или перепродажи, в том числе в связи с компенсационными планами компании и планом реинвестирования дивидендов. В рамках программы обратного выкупа компания может время от времени приобретать акции на открытом рынке или по частным сделкам, по усмотрению руководства.
Конференц-связь
Компания планирует провести телефонную конференцию для обсуждения результатов своей прибыли за первый квартал 2022 года в среду, 27 апреля 2022 года, в 8:30 утра (CT).
Заинтересованные стороны могут получить доступ к вызову, набрав (бесплатный звонок) 844-200-6205 или (международный) 929-526-1599 и попросив присоединиться к вызову UMB Financial с кодом доступа 758098. Прямой вызов также можно получить, посетив investorrelations.umb.com или воспользовавшись следующей ссылкой:
UMB Financial 1 квартал 2022 Конференц-связь
Воспроизведение конференц-звонка можно прослушать до 11 мая 2022 года по телефону (бесплатный звонок) 866-813-9403 или (международный) 929-458-6194. Код доступа к воспроизведению, необходимый для воспроизведения, - 176268. К воспроизведению вызова также можно получить доступ по адресу investorrelations.umb.com .
Финансовая информация, не относящаяся к ОПБУ
В этом выпуске мы предоставляем информацию о чистом операционном доходе, разводненной операционной прибыли на акцию (операционная прибыль на акцию), операционной рентабельности собственного капитала (операционная рентабельность инвестиций), операционной рентабельности активов (операционная рентабельность инвестиций), операционных непроцентных расходах, коэффициенте операционной эффективности, доходе до налогообложения, доходе до резервирования, прибыль на акцию до налогообложения, разводненная до резервирования (PTPP EPS), прибыль до налогообложения, прибыль до резервирования на полностью эквивалентной налоговой основе (PTPP-FTE), прибыль на акцию до налогообложения, разводненная до резервирования (PTPP–FTE EPS), материальные акционеры собственный капитал и ощутимая балансовая стоимость на акцию, все из которых являются финансовыми показателями, не относящимися к ОПБУ. Эта информация дополняет результаты, которые представлены в соответствии с общепринятыми принципами бухгалтерского учета в Соединенных Штатах (GAAP), и не должна рассматриваться отдельно от результатов GAAP или в качестве замены. Различия между финансовыми показателями, не относящимися к GAAP, - чистый операционный доход, операционная прибыль на акцию, операционная рентабельность инвестиций, операционные непроцентные расходы, коэффициент операционной эффективности, PTPP, PTPP EPS, PTPP–FTE, PTPP-FTE EPS, материальный акционерный капитал и материальная балансовая стоимость на акцию – и ближайшая сопоставимые финансовые показатели по ОПБУ сверяются позже в этом выпуске. Компания считает, что эти финансовые показатели, не относящиеся к GAAP, и выверки могут быть полезны для инвесторов, поскольку они корректируют статьи, связанные с приобретением, увольнением и COVID-19, которые, по мнению руководства, не отражают основные операционные показатели компании. Расходы, связанные с COVID-19, включают оплату труда сотрудников филиала, расходы на компьютерное оборудование для поддержки сотрудников, работающих удаленно, а также дополнительное оборудование, средства для уборки и уборки помещений для защиты благополучия наших сотрудников и клиентов во время нахождения на территории компании.
Чистый операционный доход за соответствующий период определяется как чистая прибыль по ОПБУ, скорректированная с учетом влияния исключения расходов, связанных с приобретениями, расходов на выходное пособие, расходов, связанных с COVID-19, и совокупного налогового воздействия этих корректировок.
Операционная прибыль на акцию (разводненная) рассчитывается как прибыль на акцию в соответствии с отчетностью, скорректированная для отражения в расчете на акцию влияния исключения корректировок, не связанных с ОПБУ, описанных выше, за соответствующий период. Рентабельность операционной прибыли рассчитывается как чистый операционный доход, деленный на средний совокупный акционерный капитал компании за соответствующий период. Операционная рентабельность инвестиций рассчитывается как чистый операционный доход, деленный на средние активы компании за соответствующий период. Непроцентные операционные расходы за соответствующий период определяются как непроцентные расходы по ОПБУ, скорректированные с учетом доналогового воздействия корректировок, не относящихся к ОПБУ, описанных выше. Коэффициент операционной эффективности рассчитывается как непроцентные операционные расходы компании за вычетом амортизации прочих нематериальных активов, деленные на общую выручку компании, не связанную с ОПБУ (рассчитывается как чистый процентный доход плюс непроцентный доход за вычетом прибыли от продажи ценных бумаг, имеющихся в наличии для продажи, нетто).
Доход PTPP за соответствующий период определяется как чистая прибыль по ОПБУ, скорректированная с учетом влияния исключения налога на прибыль и расходов на резервы.
PTPP-FTE за соответствующий период определяется как чистый процентный доход по ОПБУ на основе полного налогового эквивалента плюс непроцентный доход за вычетом непроцентных расходов.
Материальный акционерный капитал за соответствующий период определяется как акционерный капитал по ОПБУ за вычетом нематериальных активов. Материальная балансовая стоимость одной акции определяется как материальный акционерный капитал, деленный на общее количество акций Компании в обращении.
Прогнозные заявления:
Этот пресс-релиз содержит, как и другие наши сообщения, заявления прогнозного характера по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Эти утверждения можно определить по тому факту, что они не относятся строго к историческим или текущим фактам. В прогнозных заявлениях часто используются такие слова, как “полагать”, “ожидать”, “предвидеть”, “намереваться”, “оценивать”, “проект”, “перспективы”, “прогноз”, “цель”, “тенденция”, “план”, “цель” или другие слова сопоставимого значения или глаголы будущего времени или условные глаголы, такие как “может”, “будет”, “должен”, “хотел бы” или “мог”. Прогнозные заявления передают наши ожидания, намерения или прогнозы относительно будущих событий, обстоятельств, результатов или устремлений. Все прогнозные заявления основаны на допущениях, рисках и неопределенностях, которые могут меняться с течением времени и многие из которых находятся вне нашего контроля. Вы не должны полагаться на какие-либо прогнозные заявления в качестве прогноза или гарантии относительно будущего. Наши фактические будущие цели, стратегии, планы, перспективы, производительность, состояние или результаты могут существенно отличаться от тех, которые изложены в любом прогнозном заявлении. Некоторые из факторов, которые могут привести к тому, что фактические результаты или другие будущие события, обстоятельства или ожидания будут отличаться от указанных в прогнозных заявлениях, описаны в нашем Годовом отчете по форме 10-K за год, закончившийся 31 декабря 2021 года, наших последующих Квартальных отчетах по форме 10-Q или Текущих отчетах по Форма 8-K или другие применимые документы, которые подаются или предоставляются в Комиссию по ценным бумагам и биржам США (SEC). В дополнение к таким факторам, которые были раскрыты ранее: макроэкономические и другие проблемы и неопределенности, связанные с пандемией COVID-19, такие как последствия для экономики США и мировой экономики; и последствия, связанные или являющиеся результатом военных действий России в Украине, такие как более широкие последствия для финансовых рынков и глобальные макроэкономические и геополитические условия также могут привести к тому, что фактические результаты или другие будущие события, обстоятельства или стремления будут отличаться от наших прогнозных заявлений. Любое прогнозное заявление, сделанное нами или от нашего имени, относится только к дате, когда оно было сделано. Мы не берем на себя обязательство обновлять какие-либо прогнозные заявления, чтобы отразить влияние событий, обстоятельств или результатов, которые возникли после даты, когда было сделано заявление, за исключением случаев, предусмотренных применимым законодательством о ценных бумагах. Однако Вам следует ознакомиться с дополнительной информацией (включая информацию прогнозного характера), которую мы можем предоставить в любом последующем Годовом отчете по форме 10-K, Ежеквартальном отчете по форме 10-Q, Текущем отчете по форме 8-K или другом соответствующем документе, который подается или предоставляется с СЕК.
UMB Financial Corporation (Nasdaq: UMBF) - компания, предоставляющая финансовые услуги со штаб-квартирой в Канзас-Сити, штат Миссури. UMB предлагает коммерческие банковские услуги, которые включают комплексные депозитные, кредитные и инвестиционные услуги, персональные банковские услуги, которые включают услуги по управлению капиталом и финансовому планированию, и институциональные банковские услуги, которые включают обслуживание активов, корпоративные трастовые решения, инвестиционные банковские услуги и медицинские услуги. UMB имеет филиалы по всей территории Миссури, Иллинойса, Колорадо, Канзаса, Оклахомы, Небраски, Аризоны и Техаса. Поскольку охват компании продолжает расти, она также обслуживает бизнес-клиентов по всей стране и институциональных клиентов в нескольких странах. Для получения дополнительной информации посетите UMB.com , Блог UMB, UMB Facebook и UMB LinkedIn или следите за нами в Twitter на @UMBBank.
Consolidated Balance Sheets |
|
UMB Financial Corporation |
|
|||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
ASSETS |
|
|
|
|
|
|
|
|
Loans |
|
$ |
17,731,700 |
|
|
$ |
16,497,385 |
|
Allowance for credit losses on loans |
|
|
(179,288 |
) |
|
|
(202,814 |
) |
Net loans |
|
|
17,552,412 |
|
|
|
16,294,571 |
|
Loans held for sale |
|
|
384 |
|
|
|
10,275 |
|
Securities: |
|
|
|
|
|
|
|
|
Available for sale |
|
|
8,550,093 |
|
|
|
9,753,392 |
|
Held to maturity, net of allowance for credit losses |
|
|
4,600,187 |
|
|
|
1,039,711 |
|
Trading securities |
|
|
17,059 |
|
|
|
29,099 |
|
Other securities |
|
|
332,123 |
|
|
|
298,209 |
|
Total securities |
|
|
13,499,462 |
|
|
|
11,120,411 |
|
Federal funds sold and resell agreements |
|
|
1,319,809 |
|
|
|
1,629,813 |
|
Interest-bearing due from banks |
|
|
6,355,941 |
|
|
|
3,860,763 |
|
Cash and due from banks |
|
|
357,772 |
|
|
|
387,230 |
|
Premises and equipment, net |
|
|
264,519 |
|
|
|
286,068 |
|
Accrued income |
|
|
127,139 |
|
|
|
131,533 |
|
Goodwill |
|
|
182,225 |
|
|
|
174,518 |
|
Other intangibles, net |
|
|
15,690 |
|
|
|
17,793 |
|
Other assets |
|
|
930,389 |
|
|
|
756,414 |
|
Total assets |
|
$ |
40,605,742 |
|
|
$ |
34,669,389 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
$ |
15,946,738 |
|
|
$ |
11,604,415 |
|
Interest-bearing demand and savings |
|
|
17,828,794 |
|
|
|
16,011,812 |
|
Time deposits under $250,000 |
|
|
399,467 |
|
|
|
457,290 |
|
Time deposits of $250,000 or more |
|
|
187,566 |
|
|
|
207,275 |
|
Total deposits |
|
|
34,362,565 |
|
|
|
28,280,792 |
|
Federal funds purchased and repurchase agreements |
|
|
2,840,535 |
|
|
|
2,759,818 |
|
Long-term debt |
|
|
272,036 |
|
|
|
270,074 |
|
Accrued expenses and taxes |
|
|
178,130 |
|
|
|
239,001 |
|
Other liabilities |
|
|
204,071 |
|
|
|
161,465 |
|
Total liabilities |
|
|
37,857,337 |
|
|
|
31,711,150 |
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Common stock |
|
|
55,057 |
|
|
|
55,057 |
|
Capital surplus |
|
|
1,109,585 |
|
|
|
1,093,667 |
|
Retained earnings |
|
|
2,265,129 |
|
|
|
1,968,318 |
|
Accumulated other comprehensive (loss) income, net |
|
|
(343,128 |
) |
|
|
169,197 |
|
Treasury stock |
|
|
(338,238 |
) |
|
|
(328,000 |
) |
Total shareholders' equity |
|
|
2,748,405 |
|
|
|
2,958,239 |
|
Total liabilities and shareholders' equity |
|
$ |
40,605,742 |
|
|
$ |
34,669,389 |
|
Consolidated Statements of Income |
|
UMB Financial Corporation |
|
|||||
(unaudited, dollars in thousands except share and per share data) |
|
|
|
|
|
|||
|
|
Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
INTEREST INCOME |
|
|
|
|
|
|
|
|
Loans |
|
$ |
149,470 |
|
|
$ |
150,170 |
|
Securities: |
|
|
|
|
|
|
|
|
Taxable interest |
|
|
43,382 |
|
|
|
27,162 |
|
Tax-exempt interest |
|
|
23,855 |
|
|
|
24,964 |
|
Total securities income |
|
|
67,237 |
|
|
|
52,126 |
|
Federal funds and resell agreements |
|
|
2,450 |
|
|
|
2,821 |
|
Interest-bearing due from banks |
|
|
2,457 |
|
|
|
703 |
|
Trading securities |
|
|
185 |
|
|
|
159 |
|
Total interest income |
|
|
221,799 |
|
|
|
205,979 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
Deposits |
|
|
6,173 |
|
|
|
6,798 |
|
Federal funds and repurchase agreements |
|
|
2,148 |
|
|
|
1,886 |
|
Other |
|
|
3,123 |
|
|
|
3,180 |
|
Total interest expense |
|
|
11,444 |
|
|
|
11,864 |
|
Net interest income |
|
|
210,355 |
|
|
|
194,115 |
|
Provision for credit losses |
|
|
(6,500 |
) |
|
|
(7,500 |
) |
Net interest income after provision for credit losses |
|
|
216,855 |
|
|
|
201,615 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
Trust and securities processing |
|
|
59,528 |
|
|
|
54,834 |
|
Trading and investment banking |
|
|
5,440 |
|
|
|
9,356 |
|
Service charges on deposit accounts |
|
|
24,642 |
|
|
|
21,976 |
|
Insurance fees and commissions |
|
|
259 |
|
|
|
420 |
|
Brokerage fees |
|
|
3,456 |
|
|
|
3,334 |
|
Bankcard fees |
|
|
16,635 |
|
|
|
14,673 |
|
Investment securities losses, net |
|
|
(522 |
) |
|
|
(8,336 |
) |
Other |
|
|
14,240 |
|
|
|
12,640 |
|
Total noninterest income |
|
|
123,678 |
|
|
|
108,897 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
130,634 |
|
|
|
127,681 |
|
Occupancy, net |
|
|
12,232 |
|
|
|
11,935 |
|
Equipment |
|
|
18,164 |
|
|
|
19,615 |
|
Supplies and services |
|
|
3,262 |
|
|
|
3,492 |
|
Marketing and business development |
|
|
4,932 |
|
|
|
2,345 |
|
Processing fees |
|
|
18,443 |
|
|
|
15,417 |
|
Legal and consulting |
|
|
6,911 |
|
|
|
5,755 |
|
Bankcard |
|
|
6,567 |
|
|
|
4,956 |
|
Amortization of other intangible assets |
|
|
1,071 |
|
|
|
1,380 |
|
Regulatory fees |
|
|
3,482 |
|
|
|
2,546 |
|
Other |
|
|
9,080 |
|
|
|
5,824 |
|
Total noninterest expense |
|
|
214,778 |
|
|
|
200,946 |
|
Income before income taxes |
|
|
125,755 |
|
|
|
109,566 |
|
Income tax expense |
|
|
19,792 |
|
|
|
16,923 |
|
NET INCOME |
|
$ |
105,963 |
|
|
$ |
92,643 |
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
Net income – basic |
|
$ |
2.19 |
|
|
$ |
1.93 |
|
Net income – diluted |
|
|
2.17 |
|
|
|
1.91 |
|
Dividends |
|
|
0.37 |
|
|
|
0.32 |
|
Weighted average shares outstanding – basic |
|
|
48,406,840 |
|
|
|
48,096,643 |
|
Weighted average shares outstanding – diluted |
|
|
48,832,177 |
|
|
|
48,520,752 |
|
Consolidated Statements of Comprehensive Income |
|
UMB Financial Corporation |
|
|||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
Net income |
|
$ |
105,963 |
|
|
$ |
92,643 |
|
Other comprehensive loss, before tax: |
|
|
|
|
|
|
|
|
Unrealized gains and losses on debt securities: |
|
|
|
|
|
|
|
|
Change in unrealized holding gains and losses, net |
|
|
(622,910 |
) |
|
|
(199,038 |
) |
Less: Reclassification adjustment for gains included in net income |
|
|
— |
|
|
|
(2,720 |
) |
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity |
|
|
582 |
|
|
|
— |
|
Change in unrealized gains and losses on debt securities |
|
|
(622,328 |
) |
|
|
(201,758 |
) |
Unrealized gains and losses on derivative hedges: |
|
|
|
|
|
|
|
|
Change in unrealized gains and losses on derivative hedges, net |
|
|
4,680 |
|
|
|
6,503 |
|
Less: Reclassification adjustment for gains included in net income |
|
|
(851 |
) |
|
|
(842 |
) |
Change in unrealized gains and losses on derivative hedges |
|
|
3,829 |
|
|
|
5,661 |
|
Other comprehensive loss, before tax |
|
|
(618,499 |
) |
|
|
(196,097 |
) |
Income tax benefit |
|
|
149,057 |
|
|
|
46,954 |
|
Other comprehensive loss |
|
|
(469,442 |
) |
|
|
(149,143 |
) |
Comprehensive loss |
|
$ |
(363,479 |
) |
|
$ |
(56,500 |
) |
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, 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance - January 1, 2022 |
|
$ |
55,057 |
|
|
$ |
1,110,520 |
|
|
$ |
2,176,998 |
|
|
$ |
126,314 |
|
|
$ |
(323,465 |
) |
|
$ |
3,145,424 |
|
Total comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
105,963 |
|
|
|
(469,442 |
) |
|
|
— |
|
|
|
(363,479 |
) |
Dividends ($0.37 per share) |
|
|
— |
|
|
|
— |
|
|
|
(17,832 |
) |
|
|
— |
|
|
|
— |
|
|
|
(17,832 |
) |
Purchase of treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22,487 |
) |
|
|
(22,487 |
) |
Issuances of equity awards, net of forfeitures |
|
|
— |
|
|
|
(6,630 |
) |
|
|
— |
|
|
|
— |
|
|
|
7,309 |
|
|
|
679 |
|
Recognition of equity-based compensation |
|
|
— |
|
|
|
5,485 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,485 |
|
Sale of treasury stock |
|
|
— |
|
|
|
84 |
|
|
|
— |
|
|
|
— |
|
|
|
54 |
|
|
|
138 |
|
Exercise of stock options |
|
|
— |
|
|
|
126 |
|
|
|
— |
|
|
|
— |
|
|
|
351 |
|
|
|
477 |
|
Balance - March 31, 2022 |
|
$ |
55,057 |
|
|
$ |
1,109,585 |
|
|
$ |
2,265,129 |
|
|
$ |
(343,128 |
) |
|
$ |
(338,238 |
) |
|
$ |
2,748,405 |
|
Average Balances / Yields and Rates |
|
UMB Financial Corporation |
|
|||||||||||||
(tax - equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|||||||||||||
|
|
2022 |
|
|
2021 |
|
||||||||||
|
|
Average |
|
|
Average |
|
|
Average |
|
|
Average |
|
||||
|
|
Balance |
|
|
Yield/Rate |
|
|
Balance |
|
|
Yield/Rate |
|
||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of unearned interest |
|
$ |
17,361,077 |
|
|
|
3.49 |
% |
|
$ |
16,246,093 |
|
|
|
3.75 |
% |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
9,461,567 |
|
|
|
1.86 |
|
|
|
6,398,188 |
|
|
|
1.72 |
|
Tax-exempt |
|
|
4,039,739 |
|
|
|
3.03 |
|
|
|
4,301,256 |
|
|
|
2.98 |
|
Total securities |
|
|
13,501,306 |
|
|
|
2.21 |
|
|
|
10,699,444 |
|
|
|
2.23 |
|
Federal funds and resell agreements |
|
|
1,265,776 |
|
|
|
0.78 |
|
|
|
1,643,894 |
|
|
|
0.70 |
|
Interest bearing due from banks |
|
|
5,320,360 |
|
|
|
0.19 |
|
|
|
2,823,771 |
|
|
|
0.10 |
|
Trading securities |
|
|
20,836 |
|
|
|
4.38 |
|
|
|
17,540 |
|
|
|
4.30 |
|
Total earning assets |
|
|
37,469,355 |
|
|
|
2.47 |
|
|
|
31,430,742 |
|
|
|
2.74 |
|
Allowance for credit losses |
|
|
(198,217 |
) |
|
|
|
|
|
|
(219,672 |
) |
|
|
|
|
Other assets |
|
|
1,882,376 |
|
|
|
|
|
|
|
1,841,224 |
|
|
|
|
|
Total assets |
|
$ |
39,153,514 |
|
|
|
|
|
|
$ |
33,052,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
18,554,694 |
|
|
|
0.13 |
% |
|
$ |
17,072,344 |
|
|
|
0.16 |
% |
Federal funds and repurchase agreements |
|
|
2,973,785 |
|
|
|
0.29 |
|
|
|
2,519,373 |
|
|
|
0.30 |
|
Borrowed funds |
|
|
271,731 |
|
|
|
4.66 |
|
|
|
269,576 |
|
|
|
4.78 |
|
Total interest-bearing liabilities |
|
|
21,800,210 |
|
|
|
0.21 |
|
|
|
19,861,293 |
|
|
|
0.24 |
|
Noninterest-bearing demand deposits |
|
|
14,025,585 |
|
|
|
|
|
|
|
9,753,680 |
|
|
|
|
|
Other liabilities |
|
|
394,714 |
|
|
|
|
|
|
|
445,777 |
|
|
|
|
|
Shareholders' equity |
|
|
2,933,005 |
|
|
|
|
|
|
|
2,991,544 |
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
39,153,514 |
|
|
|
|
|
|
$ |
33,052,294 |
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
2.26 |
% |
|
|
|
|
|
|
2.50 |
% |
Net interest margin |
|
|
|
|
|
|
2.35 |
|
|
|
|
|
|
|
2.59 |
|
Business Segment Information |
|
UMB Financial Corporation |
|
|||||||||||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2022 |
|
|||||||||||||
|
|
Commercial Banking |
|
|
Institutional Banking |
|
|
Personal Banking |
|
|
Total |
|
||||
Net interest income |
|
$ |
145,002 |
|
|
$ |
26,253 |
|
|
$ |
39,100 |
|
|
$ |
210,355 |
|
Provision for credit losses |
|
|
(7,040 |
) |
|
|
151 |
|
|
|
389 |
|
|
|
(6,500 |
) |
Noninterest income |
|
|
26,707 |
|
|
|
73,262 |
|
|
|
23,709 |
|
|
|
123,678 |
|
Noninterest expense |
|
|
79,596 |
|
|
|
75,592 |
|
|
|
59,590 |
|
|
|
214,778 |
|
Income before taxes |
|
|
99,153 |
|
|
|
23,772 |
|
|
|
2,830 |
|
|
|
125,755 |
|
Income tax expense |
|
|
15,606 |
|
|
|
3,741 |
|
|
|
445 |
|
|
|
19,792 |
|
Net income |
|
$ |
83,547 |
|
|
$ |
20,031 |
|
|
$ |
2,385 |
|
|
$ |
105,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2021 |
|
|||||||||||||
|
|
Commercial Banking |
|
|
Institutional Banking |
|
|
Personal Banking |
|
|
Total |
|
||||
Net interest income |
|
$ |
136,410 |
|
|
$ |
22,138 |
|
|
$ |
35,567 |
|
|
$ |
194,115 |
|
Provision for credit losses |
|
|
(8,178 |
) |
|
|
220 |
|
|
|
458 |
|
|
|
(7,500 |
) |
Noninterest income |
|
|
8,176 |
|
|
|
68,421 |
|
|
|
32,300 |
|
|
|
108,897 |
|
Noninterest expense |
|
|
69,725 |
|
|
|
71,282 |
|
|
|
59,939 |
|
|
|
200,946 |
|
Income before taxes |
|
|
83,039 |
|
|
|
19,057 |
|
|
|
7,470 |
|
|
|
109,566 |
|
Income tax expense |
|
|
12,826 |
|
|
|
2,943 |
|
|
|
1,154 |
|
|
|
16,923 |
|
Net income |
|
$ |
70,213 |
|
|
$ |
16,114 |
|
|
$ |
6,316 |
|
|
$ |
92,643 |
|
Компания стратегически распределила свою деятельность по следующим трем отчетным сегментам: Коммерческий банкинг, Институциональный банкинг и Личный банкинг. Старшие исполнительные директора регулярно оценивают финансовые результаты бизнес-сегмента, полученные с помощью системы внутренней отчетности компании, при принятии решения о том, как распределять ресурсы и оценивать эффективность отдельных бизнес-сегментов. Отчетные сегменты компании включают определенные корпоративные накладные расходы, затраты на технологии и услуги, которые распределяются на основе методологий, последовательно применяемых между периодами. В целях сопоставимости суммы за все периоды основаны на методологиях, действующих по состоянию на 31 марта 2022 года.
Финансовые показатели, Не относящиеся к ОПБУ
Net operating income Non-GAAP reconciliations: |
|
UMB Financial Corporation |
|
|||||
(unaudited, dollars in thousands except per share data) |
|
|
|
|||||
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
Net income (GAAP) |
|
$ |
105,963 |
|
|
$ |
92,643 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Acquisition expense |
|
|
— |
|
|
|
— |
|
Severance expense |
|
|
145 |
|
|
|
21 |
|
COVID-19 related expense |
|
|
— |
|
|
|
155 |
|
Tax-impact of adjustments (i) |
|
|
(35 |
) |
|
|
(39 |
) |
Total Non-GAAP adjustments (net of tax) |
|
|
110 |
|
|
|
137 |
|
Net operating income (Non-GAAP) |
|
$ |
106,073 |
|
|
$ |
92,780 |
|
|
|
|
|
|
|
|
|
|
Earnings per share - diluted (GAAP) |
|
$ |
2.17 |
|
|
$ |
1.91 |
|
Acquisition expense |
|
|
— |
|
|
|
— |
|
Severance expense |
|
|
— |
|
|
|
— |
|
COVID-19 related expense |
|
|
— |
|
|
|
— |
|
Tax-impact of adjustments (i) |
|
|
— |
|
|
|
— |
|
Operating earnings per share - diluted (Non-GAAP) |
|
$ |
2.17 |
|
|
$ |
1.91 |
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.10 |
% |
|
|
1.14 |
% |
Return on average equity |
|
|
14.65 |
|
|
|
12.56 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP |
|
|
|
|
|
|
|
|
Operating return on average assets |
|
|
1.10 |
% |
|
|
1.14 |
% |
Operating return on average equity |
|
|
14.67 |
|
|
|
12.58 |
|
(i) Рассчитано с использованием предельной налоговой ставки компании в размере 24,0% в 2022 году и 22,2% в 2021 году.
Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations: |
|
UMB Financial Corporation |
|
|||||
(unaudited, dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
Noninterest expense |
|
$ |
214,778 |
|
|
$ |
200,946 |
|
Adjustments to arrive at operating noninterest expense (pre-tax): |
|
|
|
|
|
|
|
|
Acquisition expense |
|
|
— |
|
|
|
— |
|
Severance expense |
|
|
145 |
|
|
|
21 |
|
COVID-19 related expense |
|
|
— |
|
|
|
155 |
|
Total Non-GAAP adjustments (pre-tax) |
|
|
145 |
|
|
|
176 |
|
Operating noninterest expense (Non-GAAP) |
|
$ |
214,633 |
|
|
$ |
200,770 |
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
|
$ |
214,778 |
|
|
$ |
200,946 |
|
Less: Amortization of other intangibles |
|
|
1,071 |
|
|
|
1,380 |
|
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A) |
|
$ |
213,707 |
|
|
$ |
199,566 |
|
|
|
|
|
|
|
|
|
|
Operating noninterest expense |
|
$ |
214,633 |
|
|
$ |
200,770 |
|
Less: Amortization of other intangibles |
|
|
1,071 |
|
|
|
1,380 |
|
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B) |
|
$ |
213,562 |
|
|
$ |
199,390 |
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
210,355 |
|
|
$ |
194,115 |
|
Noninterest income |
|
|
123,678 |
|
|
|
108,897 |
|
Less: Gains on sales of securities available for sale, net |
|
|
— |
|
|
|
2,720 |
|
Total Non-GAAP Revenue (denominator A) |
|
$ |
334,033 |
|
|
$ |
300,292 |
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (numerator A/denominator A) |
|
|
63.98 |
% |
|
|
66.46 |
% |
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A) |
|
|
63.93 |
|
|
|
66.40 |
|
Pre-tax, pre-provision income non-GAAP reconciliations: |
UMB Financial Corporation |
|
||||||
(unaudited, dollars in thousands except per share data) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
Net income before taxes (GAAP) |
|
$ |
125,755 |
|
|
$ |
109,566 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Provision for credit losses |
|
|
(6,500 |
) |
|
|
(7,500 |
) |
Pre-tax, pre-provision income (Non-GAAP) |
|
$ |
119,255 |
|
|
$ |
102,066 |
|
|
|
|
|
|
|
|
|
|
Pre-tax earnings per share - diluted (GAAP) |
|
$ |
2.58 |
|
|
$ |
2.26 |
|
Provision for credit losses |
|
|
(0.14 |
) |
|
|
(0.16 |
) |
Pre-tax, pre-provision earnings per share - diluted (Non-GAAP) |
|
$ |
2.44 |
|
|
$ |
2.10 |
|
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, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
Net interest income |
|
$ |
210,355 |
|
|
$ |
194,115 |
|
Adjustments to arrive at net interest income - FTE: |
|
|
|
|
|
|
|
|
Tax equivalent interest |
|
|
6,399 |
|
|
|
6,678 |
|
Net interest income - FTE |
|
$ |
216,754 |
|
|
$ |
200,793 |
|
Noninterest income |
|
|
123,678 |
|
|
|
108,897 |
|
Less: Noninterest expense |
|
|
214,778 |
|
|
|
200,946 |
|
Pre-tax, pre-provision income - FTE (Non-GAAP) |
|
$ |
125,654 |
|
|
$ |
108,744 |
|
|
|
|
|
|
|
|
|
|
Net interest income earnings per share - diluted |
|
$ |
4.31 |
|
|
$ |
4.00 |
|
Tax equivalent interest |
|
|
0.13 |
|
|
|
0.14 |
|
Net interest income - FTE |
|
|
4.44 |
|
|
|
4.14 |
|
Noninterest income |
|
|
2.53 |
|
|
|
2.24 |
|
Less: Noninterest expense |
|
|
4.40 |
|
|
|
4.14 |
|
Pre-tax, pre-provision income - FTE earnings per share - diluted (Non-GAAP) |
|
$ |
2.57 |
|
|
$ |
2.24 |
|
Tangible book value non-GAAP reconciliations: |
UMB Financial Corporation |
|
||||||
(unaudited, dollars in thousands except share and per share data) |
|
|
|
|
|
|
|
|
|
|
As of March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
Total shareholders' equity (GAAP) |
|
$ |
2,748,405 |
|
|
$ |
2,958,239 |
|
Less: Intangible assets |
|
|
|
|
|
|
|
|
Goodwill |
|
|
182,225 |
|
|
|
174,518 |
|
Other intangibles, net |
|
|
15,690 |
|
|
|
17,793 |
|
Total intangibles, net |
|
|
197,915 |
|
|
|
192,311 |
|
Total tangible shareholders' equity (Non-GAAP) |
|
$ |
2,550,490 |
|
|
$ |
2,765,928 |
|
|
|
|
|
|
|
|
|
|
Total shares outstanding |
|
|
48,403,262 |
|
|
|
48,302,634 |
|
|
|
|
|
|
|
|
|
|
Ratio of total shareholders' equity (book value) per share |
|
$ |
56.78 |
|
|
$ |
61.24 |
|
Ratio of total tangible shareholders' equity (tangible book value) per share (Non-GAAP) |
|
|
52.69 |
|
|
|
57.26 |
|
