UMB Financial CorporationNews Release
P.O. Box 419226
Kansas City, MO 64141-6226
816/860-7000
umb.com
//FOR IMMEDIATE RELEASE//
Corporate Communication Contact: Jeremy McNeive, 816-860-5088
Investor Relations Contact: Begonya Klumb, 816-860-7906
UMB Financial Corporation Reports Fourth Quarter and Year-End Results
31.5 Percent Increase in Year-Over-Year Earnings
Kansas City, Mo. (January 24, 2006) -- UMB Financial Corporation (NASDAQ: UMBF), a Kansas City-based multi-bank holding company, announced earnings of $56.3 million or $2.61 per share ($2.60 diluted) for the year ended December 31, 2005. This is an increase of $13.5 million, or 31.5 percent, compared to 2004 earnings of $42.8 million, or $1.98 per share ($1.97 diluted). Income was higher due to a 5.1 percent increase in net interest income and a 10.4 percent increase in noninterest income driven both by increases in fee-based revenue as well as net gains on the sales and closures of branches and employee benefit accounts. These revenue increases were offset by a 2.3 percent increase in noninterest expense and a higher effective tax rate in 2005, as compared to 2004.
"2005 was a year of growth and improved financial performance for our company," said Mariner Kemper, Chairman and Chief Executive Officer, UMB Financial Corporation. "The 31.5 percent increase in earnings was driven by loan growth, improvements to noninterest income and modest growth in noninterest expense. 2006 will be a year in which we will continue to make investments to position our company for continued growth. Key investments will be made in people, technology and our distribution network."
For the year ended December 31, 2005 net interest income increased 5.1 percent to $188.3 million, compared to $179.1 million in 2004, due primarily to higher loan balances and improved yields. Total loans, as of December 31, 2005, increased 18.3 percent from December 31, 2004. Loan interest income was up $40.6 million for the year ended December 31, 2005, or 29.8 percent, compared to 2004. Securities income was up $11.9 million for the 2005 calendar year, or 14.3 percent, compared to 2004. The net interest margin was 3.16 percent for the year ended 2005, compared to 3.10 percent for the same period in 2004.
Noninterest income increased $23.8 million for the year ended December 31, 2005, compared to 2004. The increase was primarily due to higher trust and securities processing fees, higher service charges on deposits, net gains on the sales and closures of branches in 2005 and the sale of the employee benefit accounts. Trust and securities processing fees increased primarily due to the 11.3 percent increase in assets under management during 2005. Service charges on deposits increased primarily due to an overdraft protection program implemented in the second half of 2004 and higher per item fees implemented in the second half of 2005. Net gain on the sales and closures of branches was $9.2 million in 2005, as compared to $2.2 million in 2004. Gain on the sale of employee benefit accounts was $3.6 million in 2005, as compared to $1.2 million in 2004.
Noninterest expense increased $8.0 million for the year ended December 31, 2005, compared to the same period in 2004. This increase was primarily due to a $4.4 million charge, or 55 percent of the increase in noninterest expense, related to payments under a voluntary separation (early retirement) plan in 2005. The remainder of the increase was primarily due to higher processing fees, bankcard expenses, contributions and overdraft fee charge-offs.
Excluding certain adjustments described above (net gains and losses related to the sales and closures of banking facilities, the sale of employee benefit accounts and charges related to the voluntary separation plan) in both years, 2005 net income would have increased approximately 25.3 percent. A table reconciling GAAP net income for these items for the quarter and year-to-date is included with this release to provide a clear portrayal of year-over-year operating results.
The effective tax rate was 26.2 percent for 2005, compared to 17.2 percent for 2004. The increase in effective tax rate was a result of a $1.9 million reduction in rehabilitation tax credits from 2004 and net tax-exempt income representing a smaller percentage of total income. In 2005, net tax-exempt income represented approximately 25 percent of pre-tax income as compared to 36.7 percent of pre-tax income in 2004. This had a 4.1 percent impact on the effective tax rate in 2005 as compared to 2004.
For the year ended December 31, 2005, average loan balances increased $350 million, or 12.6 percent to $3.13 billion, compared to $2.78 billion for the same period in 2004. As of December 31, 2005, UMB had total shareholders' equity of $833 million, compared to $819 million at December 31, 2004.
The quality of the company's loan portfolio remained high as nonperforming loans at December 31, 2005 totaled $10.3 million, compared to $12.8 million a year earlier. As a percentage of total loans, nonperforming loans decreased to 0.30 percent of loans as of December 31, 2005, compared to 0.45 percent of loans as of December 31, 2004. Nonperforming loans are defined as nonaccrual loans and loans more than 90 days past due. The company's allowance for loan losses totaled $40.8 million, or 1.20 percent of total loans as of December 31, 2005, compared to $42.7 million, or 1.49 percent of total loans, as of December 31, 2004.
Fourth-Quarter Results
Earnings for the three months ended December 31, 2005 were $15.0 million, or $0.70 per share ($0.69 diluted). This was an increase of $3.3 million, or 28.3 percent, compared to the prior-year fourth-quarter earnings of $11.7 million, or $0.54 per share ($0.54 diluted).
"In the fourth quarter we continued to gain momentum in our fee businesses. Our Scout mutual funds benefited from record net flows of $263 million in the fourth quarter and $842 million for the year, more than twice the $305 million of net flows registered in 2004. Additionally, we saw improvements in our mutual fund and hedge fund servicing business, and benefited from re-pricing our treasury management and consumer business," said Peter deSilva, President and Chief Operating Officer. "In 2005, we established the foundation for UMB as one of the top card and account solutions for Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs), and we crossed the threshold of more than $35 million in health savings account deposits."
Net interest income for the three months ended December 31, 2005 increased $3.3 million, or 7.3 percent, compared to same period in 2004, due primarily to higher loan balances and yields. Net interest margin was 3.12 percent for the three months ended December 31, 2005, compared to 3.02 percent for the same period in 2004.
Noninterest income increased $4.4 million, or 7.8 percent, for the three months ended December 31, 2005, compared to the same period in 2004. The increase was driven primarily by increases in fee-based services, including trust and securities processing, service charges and bankcard fees.
Noninterest expense was relatively flat for the three months ended December 31, 2005, compared to the same period in 2004. Decreases in salary and marketing expenses were offset by increases in occupancy expense, processing fees and other expense. Other expense was higher due to increases in bankcard expenses, overdraft fee charge-offs and other operating losses.
For the three months ended December 31, 2005, average loan balances increased $485 million, or 17.1 percent to $3.33 billion, compared to $2.85 billion for the same period in 2004.
The company declared its regular quarterly dividend of $0.25 per share to be paid on April 3, 2006, to shareholders of record at of the close of business on March 13, 2006.
The company plans to host a conference call to discuss its fourth quarter results on January 25, 2006, at 4 p.m. (CST). Interested parties may access the call by dialing U.S. (toll-free) 877-407-8031 or access the following Web link to the live call:www.vcall.com/CEPage.asp?ID=99067 or visit umb.com.
Forward-Looking Statements:
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements rely on a number of assumptions concerning future events and are subject to risks and uncertainties, which could cause actual results to differ materially from thosecontemplated by the forward-looking statements in this Current Report on Form 8-K, any exhibits to this Current Report and other public statements the company may make. While management of UMB believes their assumptions are reasonable, UMB cautions that material changes in interest rates, the equity markets, general economic conditions as they relate to the company's loan and fee-based customers, competition in the financial services industry, and other risks and uncertainties detailed in UMB's filings with the Securities and Exchange Commission, may cause actual results to differ materially from those discussed in this release. UMB has no duty to update such statements, and undertakes no obligation to update or supplement forward-looking statements that become untrue because of new information, future events or otherwise.
Non-GAAP Financial Measures:
Certain financial measures contained in this press release exclude significant gains and losses relating to the sales and closures of banking facilities, the sale of employee benefits accounts and the voluntary separation plan. Financial measures which exclude those items have not been determined in accordance with generally accepted accounting principles and are therefore "non-GAAP" financial measures. Management of UMB believes that investors' understanding of the company's performance is enhanced by disclosing these non-GAAP financial measures as a reasonable basis for comparison of the company's ongoing results of operations. These non-GAAP measures should not be considered a substitute for GAAP-basis measures and results. Our non-GAAP measures may not be comparable to non-GAAP measures of other companies. The attached Non-GAAP Reconciliation Table provides a reconciliation of these non-GAAP financial measures to the most closely analogous measure determined in accordance with GAAP.
UMB Financial Corporation is a multi-bank holding company headquartered in Kansas City, Mo., offering complete banking and related financial services to both individual and business customers. Its banking subsidiaries own and operate 140 banking centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. Subsidiaries of the holding company and the lead bank, UMB Bank, n.a., include an investment services group based in Milwaukee, Wisconsin, a trust management company in South Dakota, and single-purpose companies that deal with brokerage services, consulting services and insurance. UMB was named one of Business Week's "Web Smart 50" companies in 2005.
UMB Financial Corporation | |||||
Non-GAAP Reconciliation Schedule | |||||
(unaudited, dollars in thousands) | |||||
The following tables present the reconciliation of non-GAAP financial measures to reported GAAP | |||||
financial measures. | |||||
Three months ended | Year Ended | ||||
December 31, | December 31, | ||||
2005 | 2004 | 2005 | 2004 | ||
Net interest income after provision | $ 45,333 | $ 44,930 | $ 182,515 | $ 173,734 | |
Noninterest income | 60,906 | 56,516 | 251,873 | 228,103 | |
Noninterest expense | 86,906 | 87,689 | 358,069 | 350,102 | |
Income tax provision | 4,378 | 2,098 | 20,001 | 8,896 | |
Net Income per GAAP income statement | $ 14,955 | $ 11,659 | $ 56,318 | $ 42,839 | |
Adjustments | |||||
Noninterest income | |||||
Other gains, net on sales and closures of banking facilities | $ (465) | $ (333) | $ (9,237) | $ (2,185) | |
Gains on sale of employee benefit accounts | - | (476) | (3,600) | (1,240) | |
Noninterest expense | |||||
VSP | - | - | 4,400 | - | |
Total adjustments pre-tax | (465) | (809) | (8,437) | (3,425) | |
Less: Income taxes | (167) | (291) | (3,037) | (1,233) | |
After Tax Adjustments to GAAP | (298) | (518) | (5,400) | (2,192) | |
Adjusted Net Income | $ 14,657 | $ 11,141 | $ 50,918 | $ 40,647 | |
The above table presents the variation in net income on an as reported (GAAP) basis and excluding | |||||
certain gains and losses related to the sales and closures of banking facilities, the sale of employee | |||||
benefit accounts and charges related to the voluntary separation plan. The press release includes | |||||
commentary that compares such GAAP and non-GAAP financial measures. | |||||
CONSOLIDATED BALANCE SHEETS |
|
|
| UMB Financial Corporation |
(all dollars in thousands) (unaudited) | ||||
December 31, | ||||
Assets |
| 2005 |
| 2004 |
Loans: | ||||
$ | 1,497,496 | $ | 1,204,628 | |
Real estate construction | 47,403 | 27,205 | ||
Consumer (net of unearned interest) | 987,770 | 947,105 | ||
Real estate | 835,207 | 661,104 | ||
Leases | 6,068 | 5,154 | ||
Allowance for loan losses |
| (40,825) |
| (42,723) |
Net loans | 3,333,119 | 2,802,473 | ||
Loans held for sale | 19,460 | 24,028 | ||
Securities available for sale: | ||||
U.S. Treasury and agencies | 2,723,718 | 3,135,997 | ||
State and political subdivisions | 614,505 | 452,907 | ||
Commercial paper and other |
| - |
| - |
Total securities available for sale | 3,338,223 | 3,588,904 | ||
Securities held to maturity: | ||||
State and political subdivisions | 67,037 | 166,065 | ||
Federal Reserve Bank stock and other | 13,260 | 9,042 | ||
Federal funds and resell agreements | 426,578 | 293,599 | ||
Interest bearing due from banks | 1,834 | 1,834 | ||
Trading securities |
| 58,488 |
| 59,920 |
Total earning assets | 7,257,999 | 6,945,865 | ||
Cash and due from banks | 599,580 | 497,427 | ||
Bank premises and equipment, net | 236,038 | 226,239 | ||
Accrued income | 51,848 | 36,584 | ||
Goodwill on purchased affiliates | 59,727 | 59,115 | ||
Other intangibles | 4,078 | 4,859 | ||
Other assets |
| 38,519 |
| 34,917 |
Total assets | $ | 8,247,789 | $ | 7,805,006 |
Liabilities |
|
|
|
|
Deposits: | ||||
Noninterest - bearing demand | $ | 2,051,922 | $ | 1,993,281 |
Interest - bearing demand and savings | 2,654,637 | 2,438,419 | ||
Time deposits under $100,000 | 713,249 | 630,988 | ||
Time deposits of $100,000 or more |
| 501,014 |
| 325,550 |
Total deposits | 5,920,822 | 5,388,238 | ||
Federal funds and repurchase agreements | 1,360,942 | 1,506,000 | ||
Short-term debt | 35,091 | 39,426 | ||
Long-term debt | 38,471 | 21,051 | ||
Accrued expenses and taxes | 39,247 | 21,530 | ||
Other liabilities |
| 19,753 |
| 9,579 |
Total liabilities |
| 7,414,326 |
| 6,985,824 |
Shareholders' Equity |
|
|
|
|
Common stock | 27,528 | 27,528 | ||
Capital surplus | 728,108 | 726,595 | ||
Unearned compensation | (1,904) | - | ||
Retained earnings | 342,675 | 305,986 | ||
Accumulated other comprehensive income (loss) | (21,550) | (10,619) | ||
Treasury stock |
| (241,394) |
| (230,308) |
Total shareholders' equity |
| 833,463 |
| 819,182 |
Total liabilities and shareholders' equity | $ | 8,247,789 | $ | 7,805,006 |
|
|
|
|
|
|
| UMB Financial Corporation | |
(unaudited, dollars in thousands except share and per share data) | ||||||||
Three Months Ended | Year Ended | |||||||
December 31, | December 31, | |||||||
Interest Income |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
Loans | $ | 48,116 | $ | 36,297 | $ | 176,842 | $ | 136,285 |
Securities: | ||||||||
Taxable Interest | 18,165 | 15,081 | 64,807 | 57,746 | ||||
Tax-exempt interest | 5,538 |
| 4,533 |
| 19,996 |
| 18,923 | |
Total securities income | 23,703 | 19,614 | 84,803 | 76,669 | ||||
Federal funds and resell agreements | 2,923 | 1,681 | 7,980 | 4,389 | ||||
Trading securities and other | 552 |
| 561 |
| 2,286 |
| 2,111 | |
Total interest income | 75,294 |
| 58,153 |
| 271,911 |
| 219,454 | |
Interest Expense | ||||||||
Deposits | 17,619 | 8,130 | 52,099 | 27,059 | ||||
Federal funds and repurchase agreements | 8,962 | 4,799 | 29,371 | 12,163 | ||||
Short-term debt | 135 | 76 | 418 | 185 | ||||
Long-term debt | 424 |
| 268 |
| 1,733 |
| 943 | |
Total interest expense | 27,140 |
| 13,273 |
| 83,621 |
| 40,350 | |
Net interest income | 48,154 | 44,880 | 188,290 | 179,104 | ||||
Provision for loan losses | 2,821 |
| (50) |
| 5,775 |
| 5,370 | |
Net interest income after provision for loan losses | 45,333 |
| 44,930 |
| 182,515 |
| 173,734 | |
Noninterest Income | ||||||||
Trust and securities processing | 21,373 | 19,846 | 82,430 | 75,742 | ||||
Trading and investment banking | 4,724 | 4,233 | 18,240 | 17,915 | ||||
Service charges on deposits | 19,210 | 17,766 | 79,420 | 73,533 | ||||
Insurance fees and commisions | 746 | 646 | 3,326 | 3,487 | ||||
Brokerage fees | 1,358 | 1,689 | 5,933 | 7,731 | ||||
Bankcard fees | 8,657 | 7,995 | 33,362 | 31,435 | ||||
Gains on sales of assets and deposits, net | 465 | 333 | 9,237 | 2,185 | ||||
Gain on sale of employee benefit accounts | - | 476 | 3,600 | 1,240 | ||||
Gains (loss) on sales of securities available for sale | (2) | - | (225) | 141 | ||||
Other | 4,375 |
| 3,532 |
| 16,550 |
| 14,694 | |
Total noninterest income | 60,906 |
| 56,516 |
| 251,873 |
| 228,103 | |
Noninterest Expense | ||||||||
Salaries and employee benefits | 41,966 | 45,282 | 190,197 | 189,876 | ||||
Occupancy, net | 6,740 | 6,589 | 26,468 | 26,131 | ||||
Equipment | 11,188 | 10,603 | 44,031 | 43,422 | ||||
Supplies, postage and telephone | 5,289 | 5,577 | 21,808 | 22,268 | ||||
Marketing and business development | 3,269 | 4,026 | 13,309 | 15,306 | ||||
Processing fees | 6,274 | 5,859 | 23,594 | 21,372 | ||||
Legal and consulting | 2,965 | 2,743 | 8,577 | 8,825 | ||||
Bankcard | 3,381 | 2,600 | 11,608 | 9,116 | ||||
Amortization of other intangibles | 183 | 185 | 740 | 742 | ||||
Other | 5,651 |
| 4,225 |
| 17,737 |
| 13,044 | |
Total noninterest expense | 86,906 |
| 87,689 |
| 358,069 |
| 350,102 | |
Income before income taxes | 19,333 | 13,757 | 76,319 | 51,735 | ||||
Income tax provision | 4,378 | 2,098 | 20,001 | 8,896 | ||||
Net income | $ | 14,955 | $ | 11,659 | $ | 56,318 | $ | 42,839 |
Per Share Data | ||||||||
Net income- Basic | $ | 0.70 | $ | 0.54 | $ | 2.61 | $ | 1.98 |
Net income- Diluted | 0.69 | 0.54 | 2.60 | 1.97 | ||||
Dividends | 0.25 | 0.22 | 0.91 | 0.85 | ||||
Weighted average shares outstanding | 21,482,451 |
| 21,648,264 |
| 21,554,768 |
| 21,668,749 | |
Consolidated Statements of | ||||||||||||||||||
Shareholders' Equity |
|
|
| UMB Financial Corporation | ||||||||||||||
(all dollars in thousands) (unaudited) | ||||||||||||||||||
Accum- | ||||||||||||||||||
ulated | ||||||||||||||||||
Other | ||||||||||||||||||
Unearned | Compre- | |||||||||||||||||
Common | Capital | Compen- | Retained | hensive | Treasury | |||||||||||||
|
| Stock |
| Surplus |
| sation |
| Earnings |
| Income |
| Stock |
| Total | ||||
Balance - January 1, 2004 | $ | 27,528 | $ | 726,405 | $ | - | $ | 281,556 | $ | 3,183 | $ | (226,749) | $ | $ 811,923 | ||||
Comprehensive income | ||||||||||||||||||
Net income | - | - | 42,839 | - | - | 42,839 | ||||||||||||
Other Comprehensive income, change in unrealized gains (losses) on securities of ($21,958) reclassification adjustment (gains)/ losses included in net income of $141 net of tax $51 | - | - | - | (13,802) | - | (13,802) | ||||||||||||
Total comprehensive income | 29,037 | |||||||||||||||||
Cash dividends ($0.85 per share) | - | - | (18,409) | - | - | (18,409) | ||||||||||||
Purchase of treasury stock | - | - | - | - | (4,411) | (4,411) | ||||||||||||
Sale of treasury stock | - | 30 | - | - | 45 | 75 | ||||||||||||
Exercise of stock options |
| - |
| 160 |
|
|
| - |
| - |
| 807 |
| 967 | ||||
Balance - December 31, 2004 | $ | 27,528 | $ | 726,595 | $ | - | $ | 305,986 | $ | (10,619) | $ | (230,308) | $ | 819,182 | ||||
Balance - January 1, 2005 | $ | 27,528 | $ | 726,595 | $ | - | $ | 305,986 | $ | (10,619) | $ | (230,308) | $ | 819,182 | ||||
Comprehensive income | ||||||||||||||||||
Net income | - | - | 56,318 | - | - | 56,318 | ||||||||||||
Other Comprehensive income, change in unrealized gains (losses) on securities of $(17,344) net of tax of $6,556 reclassification adjustment included in net income of $(225) net of tax $82 | - | - | - | (10,931) | - | (10,931) | ||||||||||||
Total comprehensive income | 45,387 | |||||||||||||||||
Cash dividends ($0.91 per share) | - | - | (19,629) | - | - | (19,629) | ||||||||||||
Purchase of treasury stock | - | - | - | - | (13,194) | (13,194) | ||||||||||||
Issuance of restricted stock | 1,140 | (2,326) | 1,186 | - | ||||||||||||||
Recognition of restricted stock | ||||||||||||||||||
compensation | - | - | 422 | 422 | ||||||||||||||
Sale of treasury stock | - | 185 | - | - | 168 | 353 | ||||||||||||
Exercise of stock options | - | 188 | - | - | 754 | 942 | ||||||||||||
Balance - December 31, 2005 | $ | 27,528 | $ | 728,108 | $ | (1,904) | $ | 342,675 | $ | (21,550) | $ | (241,394) | $ | 833,463 | ||||
Average Balances / Yields and Rates |
|
|
| UMB Financial Corporation |
| |||
(tax - equivalent basis) | ||||||||
(all dollars in thousands)(unaudited) | Year Ended December 31, | |||||||
| 2005 |
| 2004 | |||||
Average | Average | Average | Average | |||||
| Balance | Yield/Rate |
|
| Balance | Yield/Rate |
| |
Loans, net of unearned interest | $ | 3,130,813 | 5.66 | % | $ | 2,781,084 | 4.91 | % |
Securities: | ||||||||
Taxable | 2,230,559 | 2.91 | 2,351,227 | 2.46 | ||||
Tax-exempt | 629,576 | 4.72 | 615,176 | 4.67 | ||||
Total securities | 2,860,135 | 3.30 | 2,966,403 | 2.91 | ||||
Federal funds and resell agreements | 228,177 | 3.50 | 280,305 | 1.57 | ||||
Other earning assets | 60,144 | 3.91 | 69,163 | 3.15 | ||||
Total earning assets | 6,279,269 | 4.49 | 6,096,955 | 3.76 | ||||
Allowance for loan losses | (40,506) | (44,303) | ||||||
Other assets | 855,556 | 875,277 | ||||||
Total assets | $ | 7,094,319 | $ | 6,927,929 | ||||
Liabilities and Shareholders' Equity | ||||||||
Interest-bearing deposits | $ | 3,248,695 | 1.60 | % | $ | 3,110,432 | 0.87 | % |
Federal funds and repurchase agreements | 1,029,063 | 2.85 | 1,050,891 | 1.16 | ||||
Borrowed funds | 49,368 | 4.36 | 36,052 | 3.13 | ||||
Total interest-bearing liabilities | 4,327,126 | 1.93 | 4,197,375 | 0.96 | ||||
Noninterest-bearing demand deposits | 1,887,273 | 1,865,605 | ||||||
Other liabilities | 50,508 | 43,393 | ||||||
Shareholders' equity | 829,412 | 821,556 | ||||||
Total liabilities and shareholders' equity | $ | 7,094,319 | $ | 6,927,929 | ||||
Net interest spread | 2.56 | % | 2.80 | % | ||||
Net interest margin | 3.16 | 3.10 | ||||||
Three Months Ended December 31, | ||||||||
| 2005 |
| 2004 | |||||
Average | Average | Average | Average | |||||
Assets |
| Balance | Yield/Rate |
|
| Balance | Yield/Rate |
|
Loans, net of unearned interest | $ | 3,330,371 | 5.74 | % | $ | 2,845,004 | 5.08 | % |
Securities: | ||||||||
Taxable | 2,145,292 | 3.36 | 2,394,293 | 2.51 | ||||
Tax-exempt | 658,227 | 4.92 | 603,574 | 4.49 | ||||
Total securities | 2,803,519 | 3.73 | 2,997,867 | 2.91 | ||||
Federal funds and resell agreements | 270,372 | 4.29 | 315,003 | 2.12 | ||||
Other earning assets | 55,186 | 4.13 | 68,949 | 3.35 | ||||
Total earning assets | 6,459,448 | 4.79 | 6,226,823 | 3.86 | ||||
Allowance for loan losses | (40,163) | (44,302) | ||||||
Other assets | 863,063 | 862,149 | ||||||
Total assets | $ | 7,282,348 | $ | 7,044,670 | ||||
Liabilities and Shareholders' Equity | ||||||||
Interest-bearing deposits | $ | 3,446,028 | 2.03 | % | $ | 3,145,352 | 1.03 | % |
Federal funds and repurchase agreements | 994,165 | 3.58 | 1,126,110 | 1.70 | ||||
Borrowed funds | 53,456 | 4.15 | 38,507 | 3.55 | ||||
Total interest-bearing liabilities | 4,493,649 | 2.40 | 4,309,969 | 1.23 | ||||
Noninterest-bearing demand deposits | 1,889,964 | 1,874,220 | ||||||
Other liabilities | 65,224 | 34,059 | ||||||
Shareholders' equity | 833,511 | 826,422 | ||||||
Total liabilities and shareholders' equity | $ | 7,282,348 | $ | 7,044,670 | ||||
Net interest spread | 2.39 | % | 2.64 | % | ||||
Net interest margin | 3.12 | 3.02 | ||||||
FOURTH QUARTER 2005 | |||||||
FINANCIAL HIGHLIGHTS |
|
|
|
|
|
| UMB Financial Corporation |
(all dollars in thousands, except per share data) (unaudited) | |||||||
Year Ended December 31 |
| 2005 |
|
| 2004 |
| |
Net interest income | $ | 188,290 | $ | 179,104 | |||
Provision for loan losses | 5,775 | 5,370 | |||||
Noninterest income | 251,873 | 228,103 | |||||
Noninterest expense | 358,069 | 350,102 | |||||
Income before income taxes | 76,319 | 51,735 | |||||
Net income | 56,318 | 42,839 | |||||
Net income per share - Basic | 2.61 | 1.98 | |||||
Net income per share - Diluted | 2.60 | 1.97 | |||||
Return on average assets | 0.79 | % | 0.62 | % | |||
Return on average equity | 6.79 | % | 5.21 | % | |||
Three Months Ended December 31 | |||||||
Net interest income | $ | 48,154 | $ | 44,880 | |||
Provision for loan losses | 2,821 | (50) | |||||
Noninterest income | 60,906 | 56,516 | |||||
Noninterest expense | 86,906 | 87,689 | |||||
Income before income taxes | 19,333 | 13,757 | |||||
Net income | 14,955 | 11,659 | |||||
Net income per share - Basic | 0.70 | 0.54 | |||||
Net income per share - Diluted | 0.69 | 0.54 | |||||
Return on average assets | 0.81 | % | 0.66 | % | |||
Return on average equity | 7.12 | % | 5.61 | % | |||
At December 31 | |||||||
Assets | $ | 8,247,789 | $ | 7,805,006 | |||
Loans, net of unearned interest | 3,393,404 | 2,869,224 | |||||
Securities | 3,418,520 | 3,764,011 | |||||
Deposits | 5,920,822 | 5,388,238 | |||||
Shareholders' equity | 833,463 | 819,182 | |||||
Book value per share | 38.78 | 37.85 | |||||
Market price per share | 63.91 | 56.66 | |||||
Equity to assets | 10.11 | % | 10.50 | % | |||
Allowance for loan losses | $ | 40,825 | $ | 42,723 | |||
As a % of loans | 1.20 | % | 1.49 | % | |||
Nonaccrual and restructured loans | $ | 5,439 | $ | 9,752 | |||
As a % of loans | 0.16 | % | 0.34 | % | |||
Loans over 90 days past due | $ | 4,829 | $ | 3,029 | |||
As a % of loans | 0.14 | % | 0.11 | % | |||
Other real estate owned | $ | - | $ | - | |||
Common shares outstanding | 21,490,561 | 21,641,053 | |||||
Average Balances | |||||||
Year Ended December 31 | |||||||
Assets | $ | 7,094,319 | $ | 6,927,929 | |||
Loans, net of unearned interest | 3,130,813 | 2,781,084 | |||||
Securities | 2,860,135 | 2,966,403 | |||||
Deposits | 5,135,968 | 4,976,037 | |||||
Shareholders' equity | 829,412 | 821,556 |
Selected Financial Data | ||||||||
of Affiliate Banks |
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| UMB Financial Corporation |
(all dollars in thousands)(unaudited) | December 31, 2005 | |||||||
Loans | ||||||||
Net of | ||||||||
Total | Unearned | Total | Shareholder's | |||||
Missouri |
| Assets |
| Interest |
| Deposits |
| Equity |
UMB Bank, n.a. | $ | 7,094,548 | $ | 2,855,008 | $ | 5,157,828 | $ | 549,325 |
UMB Bank Warsaw, N.A. | 81,642 | 29,708 | 56,326 | 5,687 | ||||
Colorado |
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UMB Bank Colorado, n. a. | 521,345 | 295,899 | 417,349 | 37,012 | ||||
Kansas |
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UMB National Bank of America | 600,412 | 184,936 | 441,808 | 76,423 | ||||
Arizona |
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UMB Bank Arizona, n. a. | 17,999 | 16,030 | 1,849 | 9,861 | ||||
Banking - Related Subsidiaries |
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UMB Community Development Corporation | ||||||||
UMB Banc Leasing Corp. | ||||||||
UMB Scout Brokerage Services, Inc. | ||||||||
UMB Scout Insurance Services, Inc. | ||||||||
UMB Capital Corporation | ||||||||
United Missouri Insurance Company | ||||||||
UMB Trust Company of South Dakota | ||||||||
Scout Investment Advisors, Inc. | ||||||||
UMB Fund Services, Inc. | ||||||||
UMB Consulting Services, Inc. | ||||||||