UMB Financial CorporationNews Release
P.O. Box 419226
Kansas City, MO 64141-6226
816/860-7000
umb.com
//FOR IMMEDIATE RELEASE//
Contact: Jeremy McNeive, 816.860.5088
Investor Relations Contact: Begonya Klumb, 816.860.7906
UMB Financial Corporation Reports Year-Over-Year Growth For Fifth Consecutive Quarter
Earnings Increase 14.3 Percent Compared to First Quarter 2005
Kansas City, Mo. (April 25, 2006) - UMB Financial Corporation (NASDAQ: UMBF), a Kansas City-based multi-bank holding company, announced earnings of $13.2 million or $0.62 per share ($0.62 diluted) for the three months ended March 31, 2006. This is an increase of $1.7 million or 14.3 percent compared to the three months ended March 31, 2005 earnings of $11.6 million or $0.54 per share ($0.53 diluted). This is also a 17.0 percent increase in diluted earnings per share compared to the three months ended March 31, 2005. The increase in earnings compared to 2005 was a result of higher net interest income and lower noninterest expense partially offset by increased provision for loan losses and lower noninterest income.
"Our first quarter financial performance is based on revenue growth in key areas of the corporation, while simultaneously controlling expenses and expanding net interest margin," said Mariner Kemper, Chairman and Chief Executive Officer, UMB Financial Corporation. "Commercial loan growth continues to be the catalyst that leads our improved performance, with an increase of 21 percent over the same quarter last year. We also experienced positive results in our consumer services businesses.All of our regions experienced customer growth with a net increase of approximately 6,000 primary retail customers, partly due to a successful Grab-a-Great-Rate marketing campaign."
"UMB's fee business remained strong in the first quarter, led by continued record net flows of $460 million in our Scout Mutual Funds and strength in our treasury management business," said Peter deSilva, President and Chief Operating Officer. "We saw positive results in the first quarter after the integration of our wealth management and brokerage businesses. Additionally, we achieved strong results from our credit card operations and mutual fund servicing business."
Net Interest Income
Net interest income for the first quarter of 2006 increased $8.0 million compared to the same period in 2005. Net interest margin was 3.23 percent on a tax-equivalent basis for the first quarter of 2006 compared to 2.97 percent for the same period in 2005.
Compared to the same quarter a year ago, the primary driver of the $8.0 million increase in net interest income was a
$551 million, or 8.7 percent, increase in average earning assets mainly from average loan growth of $538 million, or
18.8 percent. Although net interest spread decreased by 9 basis points as compared to the same period in 2005, net interest margin increased by 26 basis points due to the contribution of noninterest-bearing demand deposits, which make up
34.1 percent of average total deposits.
Noninterest Income and Expense
Noninterest income decreased $3.9 million for the three months ended March 31, 2006 compared to the same period in 2005. The decrease was due primarily to gains recognized in the first quarter of 2005 including $3.6 million from the sale of employee benefit accounts to Marshall & Ilsley Trust Company, n.a. and a $2.4 million gain on the condemnation sale of one of the bank's downtown Kansas City branches. These reductions in gains from 2005 were partially offset by a
$2.2 million, or 10.6 percent increase in trust and securities processing income and a $1.3 million, or 17.4 percent increase in bankcard income. The increase in trust and securities processing income was primarily driven by a $1.6 billion increase in net assets in the UMB Scout Funds at March 31, 2006 as compared to March 31, 2005. The increase in bankcard income was primarily due to higher interchange fee revenue resulting from increased card usage.
Noninterest expense remained steady as compared to the same period in 2005. Salaries and employee benefits decreased by $4.8 million, or 9.3 percent compared to the first quarter of 2005. This decrease was primarily a result of a $4.3 million charge in 2005 related to the voluntary separation plan (VSP) of which 99 employees took advantage in the first quarter of 2005. The decrease in salary and benefit expense was offset by increases in other categories including equipment, marketing and business development, processing fees, bankcard expense and other expense. Marketing and business development expense increased as a result of deposit and loan promotions in the first quarter of 2006. Processing fees were higher primarily due to increases in shareholder servicing and other administrative fees paid to investment advisors related to an increase in net assets under management for the Scout Funds. Bankcard fees increased due to higher paid rebates and an increase in fraud losses. The higher rebates were a re sult of an expansion of the program in late 2005, as well as increased card activity. Other expense was higher due to an increase in operational charge-offs and an increase in directors' fees.
Balance Sheet
For the three months ended March 31, 2006, average loans were $3.40 billion compared to $2.86 billion for the same period in 2005, an increase of 18.8 percent. Actual loan balances on March 31, 2006 were $3.4 billion, compared to
$2.9 billion on March 31, 2005. These balances are as follows:
Loan by Category (in thousands) | March 31, 2006 | March 31, 2005 | Change | Percent Change |
Commercial, financial and agricultural | $1,562,679 | $1,291,305 | $271,374 | 21.0% |
Real estate construction | 49,014 | 31,123 | 17,891 | 57.5% |
Consumer | 957,033 | 888,021 | 69,021 | 7.8% |
Real estate | 843,425 | 685,490 | 157,935 | 23.0% |
Leases | 5,955 | 5,575 | 380 | 6.8% |
Loans held for sale | 17,960 | 20,998 | (3,038) | -14.5% |
Total Loans and loans held for sale | $3,436,066 | $2,922,512 | $513,554 | 17.6% |
Average securities were $3.0 billion for the first quarter of 2006 compared to $3.2 billion for the same period in 2005, a decrease of 7.3 percent. This decrease helped improve the earning asset mix as loans comprise 49.3 percent of the company's earning asset base, as compared to 45.1 percent for the same quarter a year ago. The company also increased its average loan to deposit ratio to 61.8 percent in the first quarter of 2006, compared to 56.1 percent in the first quarter of 2005.
Average total deposits increased $399 million, or 7.8 percent, to $5.51 billion for the three months ended March 31, 2006, compared to the same period in 2005.
As of March 31, 2006, UMB had total shareholders' equity of $828 million, a 1.6 percent increase from the prior year.
The quality of the company's loan portfolio remained high as nonperforming loans on March 31, 2006 totaled
$10.2 million compared to $12.5 million a year earlier. As a percentage of total loans, nonperforming loans decreased to 0.30 percent of loans as of March 31, 2006 compared to 0.43 percent as of March 31, 2005. Nonperforming loans are defined as nonaccrual loans and loans more than 90 days past due. The company's allowance for loan losses totaled
$40.7 million or 1.19 percent of total loans as of March 31, 2006, compared to $40.9 million, or 1.41 percent of total loans as of March 31, 2005.
The company plans to host a conference call to discuss its first quarter results on April 26, 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/IC/CEPage.asp?ID=103434or 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 changes in general economic conditions, changes in interest rates, changes in the securities markets, changes in operations, changes in competition, technology changes, legislative or regulatory changes, the ability of customers to repay loans, changes in loan demand and increas es in employee costs, 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.
About UMB:
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 nationwide. Its banking subsidiaries own and operate 141 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 ofBusiness Week's "Web Smart 50" companies in 2005.
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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 | |||||||
March 31, | |||||||
2006 | 2005 | ||||||
Net interest income after provision | 49,087 | 43,541 | |||||
Noninterest income | 59,820 | 63,697 | |||||
Noninterest expense | 91,033 | 91,325 | |||||
Income tax provision | 4,633 | 4,333 | |||||
Net Income After Taxes | 13,241 | 11,580 | |||||
Adjustments | |||||||
Noninterest income | |||||||
Other gains, net | $ 22) | $ (2,592) | |||||
Gains on sale of employee benefit accounts | - | (3,600) | |||||
Noninterest expense | |||||||
Voluntary Seperation Plan | - | 4,300 | |||||
Total adjustments pre-tax | (22) | (1,892) | |||||
Less: Income taxes | (8) | (681) | |||||
After Tax Adjustments to GAAP | (14) | (1,211) | |||||
Adjusted Net Income | $ 13,227 | $ 10,369 | |||||
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 |
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| UMB Financial Corporation |
(all dollars in thousands) (unaudited) | ||||
March 31, | ||||
Assets |
| 2006 |
| 2005 |
$ | 3,418,106 | $ | 2,901,514 | |
Allowance for loan losses |
| (40,679) |
| (40,880) |
Net loans | 3,377,427 | 2,860,634 | ||
Loans held for sale | 17,960 | 20,998 | ||
Investment Securities: | ||||
Available for sale | 2,524,736 | 2,684,743 | ||
Held to maturity | 62,453 | 142,735 | ||
Federal Reserve Bank stock and other | 15,022 | 13,810 | ||
Trading securities |
| 62,736 |
| 55,153 |
Total investment securities | 2,664,947 | 2,896,441 | ||
Federal funds and resell agreements | 759,879 | 297,534 | ||
Cash and due from banks | 418,125 | 465,900 | ||
Bank premises and equipment, net | 234,198 | 222,917 | ||
Accrued income | 49,896 | 38,057 | ||
Goodwill on purchased affiliates | 59,727 | 59,115 | ||
Other intangibles | 6,857 | 4,673 | ||
Other assets |
| 48,296 |
| 48,664 |
Total assets | $ | 7,637,312 | $ | 6,914,933 |
Liabilities | ||||
Deposits: | ||||
Noninterest - bearing demand | $ | 2,065,218 | $ | 1,874,871 |
Interest - bearing demand and savings | 2,418,597 | 2,268,102 | ||
Time deposits under $100,000 | 791,661 | 612,312 | ||
Time deposits of $100,000 or more |
| 351,717 |
| 241,017 |
Total deposits | 5,627,193 | 4,996,302 | ||
Federal funds and repurchase agreements | 1,088,953 | 1,004,023 | ||
Short-term debt | 5,671 | 10,170 | ||
Long-term debt | 37,879 | 39,733 | ||
Accrued expenses and taxes | 33,638 | 25,731 | ||
Other liabilities |
| 16,155 |
| 23,991 |
Total liabilities |
| 6,809,489 |
| 6,099,950 |
Shareholders' Equity | ||||
Common stock | 27,528 | 27,528 | ||
Capital surplus | 726,244 | 726,673 | ||
Retained earnings | 350,568 | 312,807 | ||
Accumulated other comprehensive loss | (28,485) | (21,026) | ||
Treasury stock |
| (248,032) |
| (230,999) |
Total shareholders' equity |
| 827,823 |
| 814,983 |
Total liabilities and shareholders' equity | $ | 7,637,312 | $ | 6,914,933 |
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(unaudited, dollars in thousands except share and per share data) | ||||
Three Months Ended | ||||
March 31, | ||||
Interest Income | 2006 |
| 2005 | |
Loans | $ | 53,234 | $ | 37,722 |
Securities: | ||||
Taxable Interest | 21,753 | 16,664 | ||
Tax-exempt interest | 5,683 |
| 4,372 | |
Total securities income | 27,436 | 21,036 | ||
Federal funds and resell agreements | 5,088 | 1,315 | ||
Trading securities and other | 715 |
| 520 | |
Total interest income | 86,473 |
| 60,593 | |
Interest Expense | ||||
Deposits | 20,762 | 9,727 | ||
Federal funds and repurchase agreements | 12,835 | 6,231 | ||
Short-term debt | 152 | 69 | ||
Long-term debt | 478 |
| 275 | |
Total interest expense | 34,227 |
| 16,302 | |
Net interest income | 52,246 | 44,291 | ||
Provision for loan losses | 3,159 |
| 750 | |
Net interest income after provision for loan losses | 49,087 |
| 43,541 | |
Noninterest Income | ||||
Trust and securities processing | 22,670 | 20,498 | ||
Trading and investment banking | 4,113 | 4,529 | ||
Service charges on deposits | 17,607 | 17,976 | ||
Insurance fees and commisions | 991 | 828 | ||
Brokerage fees | 1,518 | 1,550 | ||
Bankcard fees | 8,946 | 7,622 | ||
Other gains, net | 22 | 2,592 | ||
Gain on sale of employee benefit accounts | - | 3,600 | ||
Gains (loss) on sales of securities available for sale | 9 | - | ||
Other | 3,944 |
| 4,502 | |
Total noninterest income | 59,820 |
| 63,697 | |
Noninterest Expense | ||||
Salaries and employee benefits | 47,238 | 52,060 | ||
Occupancy, net | 6,554 | 6,417 | ||
Equipment | 11,115 | 10,476 | ||
Supplies, postage and telephone | 5,775 | 5,549 | ||
Marketing and business development | 3,622 | 2,960 | ||
Accumulated other comprehensive income | 6,311 | 5,564 | ||
Legal and consulting | 1,649 | 1,827 | ||
Bankcard | 3,291 | 2,442 | ||
Amortization of other intangibles | 218 | 186 | ||
Other | 5,260 |
| 3,844 | |
Total noninterest expense | 91,033 |
| 91,325 | |
Income before income taxes | 17,874 | 15,913 | ||
Income tax provision | 4,633 | 4,333 | ||
Net income | $ | 13,241 | $ | 11,580 |
Per Share Data | ||||
Net income- Basic | $ | 0.62 | $ | 0.54 |
Net income- Diluted | 0.62 | 0.53 | ||
Dividends | 0.25 | 0.22 | ||
Weighted average shares outstanding | 21,409,760 |
| 21,636,200 | |
Consolidated Statements of | ||||||||||||||
Shareholders' Equity |
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| UMB Financial Corporation | |||||
(all dollars in thousands) (unaudited) | ||||||||||||||
Accumulated | ||||||||||||||
Other | ||||||||||||||
Common | Capital | Retained | Comprehensive | Treasury | ||||||||||
|
| Stock |
| Surplus |
| Earnings |
| Loss |
| Stock |
| Total | ||
Balance - January 1, 2005 | $ | 27,528 | $ | 726,595 | $ | 305,986 | $ | (10,619) | $ | (230,308) | $ | 819,182 | ||
Comprehensive income | ||||||||||||||
Net income | - | - | 11,580 | - | - | 11,580 | ||||||||
Other Comprehensive loss, | ||||||||||||||
change in unrealized gains | ||||||||||||||
(losses) on securities of $(16,480) | ||||||||||||||
net of tax $6,073 | - | - | - | (10,407) | - | (10,407) | ||||||||
Total comprehensive income | 1,173 | |||||||||||||
Cash dividends ($0.22 per share) | - | - | (4,759) | - | - | (4,759) | ||||||||
Purchase of treasury stock | - | - | - | - | (835) | (835) | ||||||||
Recognition of restricted stock | ||||||||||||||
compensation | 18 | 23 | 41 | |||||||||||
Sale of treasury stock | - | 39 | - | - | 39 | 78 | ||||||||
Exercise of stock options |
| - |
| 21 |
| - |
| - |
| 82 |
| 103 | ||
Balance - March 31, 2005 | $ | 27,528 | $ | 726,673 | $ | 312,807 | $ | (21,026) | $ | (230,999) | $ | 814,983 | ||
Balance - January 1, 2006 | $ | 27,528 | $ | 726,204 | $ | 342,675 | $ | (21,550) | $ | (241,394) | $ | 833,463 | ||
Comprehensive income | ||||||||||||||
Net income | - | - | 13,241 | - | - | 13,241 | ||||||||
Other Comprehensive loss, | ||||||||||||||
change in unrealized gains | ||||||||||||||
(losses) on securities of $(10,960) | ||||||||||||||
net of tax of $4,031; | ||||||||||||||
reclassification adjustment losses | ||||||||||||||
included in net income of $(9) | ||||||||||||||
net of tax $3 | - | - | - | (6,935) | - | (6,935) | ||||||||
Total comprehensive income | 6,306 | |||||||||||||
Cash dividends ($0.25 per share) | - | - | (5,348) | - | - | (5,348) | ||||||||
Purchase of treasury stock | - | - | - | - | (6,812) | (6,812) | ||||||||
Issuance of stock awards | 89 | 61 | 150 | |||||||||||
Compensation recognized under stock | ||||||||||||||
compensation plans | - | (126) | (126) | |||||||||||
Sale of treasury stock | - | 62 | - | - | 46 | 108 | ||||||||
Exercise of stock options | - | 15 | - | - | 67 | 82 | ||||||||
Balance - March 31, 2006 | $ | 27,528 | $ | 726,244 | $ | 350,568 | $ | (28,485) | $ | (248,032) | $ | 827,823 | ||
Average Balances / Yields and Rates |
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| UMB Financial Corporation |
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(tax - equivalent basis) | ||||||||
(all dollars in thousands)(unaudited) | Three Months Ended March 31, | |||||||
| 2006 |
| 2005 | |||||
Average | Average | Average | Average | |||||
Assets |
| Balance | Yield/Rate |
|
| Balance | Yield/Rate |
|
Loans, net of unearned interest | $ | 3,403,016 | 6.35 | % | $ | 2,864,770 | 5.35 | % |
Securities: | ||||||||
Taxable | 2,312,665 | 3.81 | 2,633,108 | 2.57 | ||||
Tax-exempt | 666,494 | 5.06 | 580,097 | 4.57 | ||||
Total securities | 2,979,159 | 4.09 | 3,213,205 | 2.93 | ||||
Federal funds and resell agreements | 455,737 | 4.53 | 210,718 | 2.53 | ||||
Other earning assets | 62,587 | 4.78 | 60,946 | 3.53 | ||||
Total earning assets | 6,900,499 | 5.24 | 6,349,639 | 4.02 | ||||
Allowance for loan losses | (40,281) | (41,485) | ||||||
Other assets | 862,681 | 860,132 | ||||||
Total assets | $ | 7,722,899 | $ | 7,168,286 | ||||
Liabilities and Shareholders' Equity | ||||||||
Interest-bearing deposits | $ | 3,631,366 | 2.32 | % | $ | 3,226,635 | 1.22 | % |
Federal funds and repurchase agreements | 1,271,599 | 4.09 | 1,165,526 | 2.17 | ||||
Borrowed funds | 53,340 | 4.79 | 35,640 | 3.91 | ||||
Total interest-bearing liabilities | 4,956,305 | 2.80 | 4,427,801 | 1.49 | ||||
Noninterest-bearing demand deposits | 1,875,395 | 1,881,065 | ||||||
Other liabilities | 55,308 | 35,659 | ||||||
Shareholders' equity | 835,891 | 823,761 | ||||||
Total liabilities and shareholders' equity | $ | 7,722,899 | $ | 7,168,286 | ||||
Net interest spread | 2.44 | % | 2.53 | % | ||||
Net interest margin | 3.23 | 2.97 | ||||||
FIRST QUARTER 2006 | |||||||
FINANCIAL HIGHLIGHTS |
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| UMB Financial Corporation |
(all dollars in thousands, except per share data) (unaudited) | |||||||
Three Months Ended March 31, |
| 2006 |
|
| 2005 |
| |
Net interest income | $ | 52,246 | $ | 44,291 | |||
Provision for loan losses | 3,159 | 750 | |||||
Noninterest income | 59,820 | 63,697 | |||||
Noninterest expense | 91,033 | 91,325 | |||||
Income before income taxes | 17,874 | 15,913 | |||||
Net income | 13,241 | 11,580 | |||||
Net income per share - Basic | 0.62 | 0.54 | |||||
Net income per share - Diluted | 0.62 | 0.53 | |||||
Return on average assets | 0.70 | % | 0.66 | % | |||
Return on average equity | 6.42 | % | 5.70 | % | |||
At March 31 | |||||||
Assets | $ | 7,637,312 | $ | 6,914,933 | |||
Loans, net of unearned interest | 3,436,066 | 2,922,512 | |||||
Securities | 2,664,947 | 2,896,441 | |||||
Deposits | 5,627,193 | 4,996,302 | |||||
Shareholders' equity | 827,823 | 814,983 | |||||
Book value per share | 38.69 | 37.68 | |||||
Market price per share | 70.23 | 56.92 | |||||
Equity to assets | 10.84 | % | 11.79 | % | |||
Allowance for loan losses | $ | 40,679 | $ | 40,880 | |||
As a % of loans | 1.19 | % | 1.41 | % | |||
Nonaccrual and restructured loans | $ | 6,369 | $ | 9,091 | |||
As a % of loans | 0.19 | % | 0.31 | % | |||
Loans over 90 days past due | $ | 3,879 | $ | 3,446 | |||
As a % of loans | 0.11 | % | 0.12 | % | |||
Other real estate owned | $ | 40 | $ | - | |||
Common shares outstanding | 21,396,059 | 21,630,069 | |||||
Average Balances | |||||||
Three Months Ended March 31 | |||||||
Assets | $ | 7,722,899 | $ | 7,168,286 | |||
Loans, net of unearned interest | 3,403,016 | 2,864,770 | |||||
Securities | 2,979,159 | 3,213,205 | |||||
Deposits | 5,506,761 | 5,107,700 | |||||
Shareholders' equity | 835,891 | 823,761 |
Selected Financial Data | ||||||||
of Affiliate Banks |
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| UMB Financial Corporation |
(all dollars in thousands)(unaudited) | March 31, 2006 | |||||||
Loans | ||||||||
Net of | ||||||||
Total | Unearned | Total | Shareholder's | |||||
Missouri |
| Assets |
| Interest |
| Deposits |
| Equity |
UMB Bank, n.a. | $ | 6,518,870 | $ | 2,863,941 | $ | 4,979,364 | $ | 545,107 |
UMB Bank Warsaw, N.A. | 82,195 | 30,289 | 60,716 | 5,660 | ||||
Colorado |
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UMB Bank Colorado, n. a. | 505,121 | 323,538 | 388,173 | 37,778 | ||||
Kansas |
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UMB National Bank of America | 510,097 | 189,283 | 339,861 | 75,924 | ||||
Arizona |
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UMB Bank Arizona, n.a. | 21,233 | 17,760 | 2,632 | 9,804 | ||||
Banking - Related Subsidiaries |
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UMB Community Development Corporation | ||||||||
UMB Banc Leasing Corp. | ||||||||
UMB Financial 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. | ||||||||
Kansas City Realty Company | ||||||||
Kansas City Financial Corporation | ||||||||
UMB Redevelopment Corporation | ||||||||
UMB Realty Company, LLC | ||||||||
UMB National Sales Corporation | ||||||||
Grand Distribution Services, LLC | ||||||||
UMB Distribution Service, LLC | ||||||||
Warsaw Financial Corporation | ||||||||