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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(MARK ONE)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to ____

Commission file number 001-38481

 

UMB FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Missouri

 

43-0903811

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification Number)

 

1010 Grand Boulevard, Kansas City, Missouri

 

64106

(Address of principal executive offices)

 

(Zip Code)

(Registrant's telephone number, including area code): (816) 860-7000

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1.00 Par Value

UMBF

The NASDAQ Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

☒

Accelerated filer

☐

Non- accelerated filer

☐

 

Smaller reporting company

☐

 

 

 

Emerging growth company

☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of October 23, 2023, UMB Financial Corporation had 48,530,798 shares of common stock outstanding.

 

 

 

 

 

UMB FINANCIAL CORPORATION

FORM 10-Q

INDEX

PART I – FINANCIAL INFORMATION

3

 

 

 

ITEM 1.

FINANCIAL STATEMENTS (UNAUDITED)

3

CONSOLIDATED BALANCE SHEETS

3

CONSOLIDATED STATEMENTS OF INCOME

4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

5

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

6

CONSOLIDATED STATEMENTS OF CASH FLOWS

7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

9

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

57

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

77

ITEM 4.

CONTROLS AND PROCEDURES

82

 

 

 

PART II - OTHER INFORMATION

83

 

 

 

ITEM 1.

LEGAL PROCEEDINGS

83

ITEM 1A.

RISK FACTORS

83

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

83

ITEM 6.

EXHIBITS

84

SIGNATURES

85

 

 

 

 

2

 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

UMB FINANCIAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except share and per share data)

 

 

September 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

(unaudited)

 

 

(audited)

 

ASSETS

 

 

 

 

 

 

Loans

 

$

22,881,689

 

 

$

21,031,189

 

Allowance for credit losses on loans

 

 

(221,462

)

 

 

(191,836

)

Net loans

 

 

22,660,227

 

 

 

20,839,353

 

Loans held for sale

 

 

2,824

 

 

 

1,978

 

Securities:

 

 

 

 

 

 

Available for sale (amortized cost of $7,248,525 and $7,777,950, respectively)

 

 

6,330,699

 

 

 

7,006,347

 

Held to maturity, net of allowance for credit losses of $2,886 and $2,407, respectively (fair value of $4,856,466 and $5,280,659, respectively)

 

 

5,729,697

 

 

 

5,859,192

 

Trading securities

 

 

24,509

 

 

 

17,980

 

Other securities

 

 

473,255

 

 

 

349,758

 

Total securities

 

 

12,558,160

 

 

 

13,233,277

 

Federal funds sold and securities purchased under agreements to resell

 

 

248,203

 

 

 

958,597

 

Interest-bearing due from banks

 

 

3,556,076

 

 

 

1,179,105

 

Cash and due from banks

 

 

454,705

 

 

 

500,682

 

Premises and equipment, net

 

 

249,037

 

 

 

263,649

 

Accrued income

 

 

208,594

 

 

 

189,231

 

Goodwill

 

 

207,385

 

 

 

207,385

 

Other intangibles, net

 

 

73,060

 

 

 

78,724

 

Other assets

 

 

1,246,411

 

 

 

1,060,480

 

Total assets

 

$

41,464,682

 

 

$

38,512,461

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing demand

 

$

11,254,885

 

 

$

13,260,363

 

Interest-bearing demand and savings

 

 

18,833,614

 

 

 

18,461,632

 

Time deposits under $250,000

 

 

2,834,181

 

 

 

379,087

 

Time deposits of $250,000 or more

 

 

509,072

 

 

 

538,051

 

Total deposits

 

 

33,431,752

 

 

 

32,639,133

 

Federal funds purchased and repurchase agreements

 

 

1,757,602

 

 

 

2,222,167

 

Short-term debt

 

 

2,300,000

 

 

 

—

 

Long-term debt

 

 

382,768

 

 

 

381,311

 

Accrued expenses and taxes

 

 

319,283

 

 

 

239,624

 

Other liabilities

 

 

466,618

 

 

 

363,133

 

Total liabilities

 

 

38,658,023

 

 

 

35,845,368

 

 

 

 

 

 

 

 

SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Common stock, $1.00 par value; 80,000,000 shares authorized; 55,056,730 shares issued, 48,529,097 and 48,319,404 shares outstanding, respectively

 

 

55,057

 

 

 

55,057

 

Capital surplus

 

 

1,128,239

 

 

 

1,125,949

 

Retained earnings

 

 

2,759,415

 

 

 

2,536,086

 

Accumulated other comprehensive loss, net

 

 

(792,371

)

 

 

(702,735

)

Treasury stock, 6,527,633 and 6,737,326 shares, at cost, respectively

 

 

(343,681

)

 

 

(347,264

)

Total shareholders' equity

 

 

2,806,659

 

 

 

2,667,093

 

Total liabilities and shareholders' equity

 

$

41,464,682

 

 

$

38,512,461

 

 

See Notes to Consolidated Financial Statements.

 

3

 

UMB FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(unaudited, dollars in thousands, except share and per share data)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

367,485

 

 

$

216,970

 

 

$

1,018,920

 

 

$

536,359

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable interest

 

 

53,455

 

 

 

50,003

 

 

 

161,091

 

 

 

140,680

 

Tax-exempt interest

 

 

25,704

 

 

 

24,692

 

 

 

76,560

 

 

 

72,085

 

Total securities income

 

 

79,159

 

 

 

74,695

 

 

 

237,651

 

 

 

212,765

 

Federal funds and resell agreements

 

 

4,567

 

 

 

6,056

 

 

 

14,107

 

 

 

12,003

 

Interest-bearing due from banks

 

 

20,551

 

 

 

2,545

 

 

 

70,923

 

 

 

9,209

 

Trading securities

 

 

214

 

 

 

73

 

 

 

502

 

 

 

372

 

Total interest income

 

 

471,976

 

 

 

300,339

 

 

 

1,342,103

 

 

 

770,708

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

191,919

 

 

 

48,457

 

 

 

490,368

 

 

 

70,069

 

Federal funds and repurchase agreements

 

 

23,076

 

 

 

14,709

 

 

 

71,123

 

 

 

21,855

 

Other

 

 

34,694

 

 

 

3,688

 

 

 

91,018

 

 

 

10,153

 

Total interest expense

 

 

249,689

 

 

 

66,854

 

 

 

652,509

 

 

 

102,077

 

Net interest income

 

 

222,287

 

 

 

233,485

 

 

 

689,594

 

 

 

668,631

 

Provision for credit losses

 

 

4,977

 

 

 

22,000

 

 

 

41,227

 

 

 

28,900

 

Net interest income after provision for credit losses

 

 

217,310

 

 

 

211,485

 

 

 

648,367

 

 

 

639,731

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Trust and securities processing

 

 

66,668

 

 

 

59,586

 

 

 

190,616

 

 

 

178,000

 

Trading and investment banking

 

 

3,771

 

 

 

5,387

 

 

 

13,879

 

 

 

17,950

 

Service charges on deposit accounts

 

 

21,080

 

 

 

19,932

 

 

 

63,620

 

 

 

65,409

 

Insurance fees and commissions

 

 

272

 

 

 

375

 

 

 

771

 

 

 

879

 

Brokerage fees

 

 

13,400

 

 

 

13,840

 

 

 

40,680

 

 

 

29,687

 

Bankcard fees

 

 

19,296

 

 

 

19,379

 

 

 

56,047

 

 

 

53,854

 

Investment securities gains (losses), net

 

 

271

 

 

 

(1,345

)

 

 

(4,153

)

 

 

58,853

 

Other

 

 

8,559

 

 

 

11,569

 

 

 

40,139

 

 

 

24,104

 

Total noninterest income

 

 

133,317

 

 

 

128,723

 

 

 

401,599

 

 

 

428,736

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

133,380

 

 

 

136,467

 

 

 

419,190

 

 

 

388,491

 

Occupancy, net

 

 

12,283

 

 

 

12,231

 

 

 

36,206

 

 

 

36,439

 

Equipment

 

 

17,204

 

 

 

18,811

 

 

 

52,139

 

 

 

55,290

 

Supplies and services

 

 

3,213

 

 

 

3,139

 

 

 

11,283

 

 

 

9,893

 

Marketing and business development

 

 

6,631

 

 

 

6,671

 

 

 

19,090

 

 

 

16,911

 

Processing fees

 

 

26,016

 

 

 

20,901

 

 

 

75,828

 

 

 

58,682

 

Legal and consulting

 

 

7,230

 

 

 

10,255

 

 

 

21,574

 

 

 

28,431

 

Bankcard

 

 

8,852

 

 

 

6,551

 

 

 

24,292

 

 

 

18,998

 

Amortization of other intangible assets

 

 

2,124

 

 

 

1,092

 

 

 

6,539

 

 

 

3,388

 

Regulatory fees

 

 

6,153

 

 

 

4,200

 

 

 

17,827

 

 

 

11,146

 

Other

 

 

8,355

 

 

 

11,078

 

 

 

25,198

 

 

 

32,632

 

Total noninterest expense

 

 

231,441

 

 

 

231,396

 

 

 

709,166

 

 

 

660,301

 

Income before income taxes

 

 

119,186

 

 

 

108,812

 

 

 

340,800

 

 

 

408,166

 

Income tax expense

 

 

22,632

 

 

 

20,822

 

 

 

61,699

 

 

 

76,657

 

NET INCOME

 

$

96,554

 

 

$

87,990

 

 

$

279,101

 

 

$

331,509

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

Net income – basic

 

$

1.99

 

 

$

1.82

 

 

$

5.76

 

 

$

6.86

 

Net income – diluted

 

 

1.98

 

 

 

1.81

 

 

 

5.73

 

 

 

6.80

 

Dividends

 

 

0.38

 

 

 

0.37

 

 

 

1.14

 

 

 

1.11

 

Weighted average shares outstanding – basic

 

 

48,525,776

 

 

 

48,300,129

 

 

 

48,492,022

 

 

 

48,351,007