UMBF - Earnings call transcript Q1 2021 | UMB Financial Corporation

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Operator

Good day and welcome to the UMB Financial First Quarter 2021 Financial Results Conference Call. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Kay Gregory, Investor Relations. Please go ahead.

Kay Gregory

to quarter welcome call. and morning our XXXX first Good Shankar, CEO; share results. Mariner and Ram CFO, our Kemper, President about and will comments a few Rine, Chief Tom be Bank; of for Officer, available session. will also Jim Terry, question-and-answer the CEO UMB Credit and

remind me crisis. of subject in are forward-looking risks potential are that today's presentation. assumptions, impacts currently are unknown risks differ and of our let in statements, and on future begin, Actual our presentation of COVID-XX These all we statement. you Before the XX the which other to SEC filings results contains uncertainties, summarized from Page and those any included circumstances may set including forward-looking forth

to of and securities obligation only by undertake diluted share speak laws. All as statements earnings basis. Forward-looking a discussed are today, on extent call the on per share this required them, we except metrics no to update

available investorrelations.umb.com. and presentation at release online are Our press materials

to I'll over Now the turn call Mariner Kemper.

Mariner Kemper

thanks joining and you, healthy. to safe Thank everyone remain I and us hope and families for Kay, your you today.

continues with balances normal card loan close regular reopened associates month we've quarter all most Operationally, investment a to basis. and had and as asset growth to Consumer majority metrics, remote. is nonbranch now remain balance of Modified sheet as to are income to of be elements traffic spend status diverse this earlier XXXX. returning by on continued solid a our remain start expected. stable credit First optimistic. pre-pandemic debit strong supported momentum funding customers our cautiously and returning of slowly more quality We thesis X, quo, and hours sources, great to delivered our our core it's was fee and levels, sentiment consistent seen branches The normalized levels.

And or our pre-provision basis per per share. $XXX.X quarter $XX.X on million was or income $X.XX results. an income was Net Turning share. million pretax to first FTE $X.XX

various mitigated you been has financial look followed quarterly We concise our the additional noticed information. to have updated included know on have drivers was impact deck sheet each. listened by and count of well of basis, refreshed On loan quarterly from essentially is detail. provide XX our with more PPP who may was some turn in showing And comments, balance and You may net and over for income Net quarter year-over-year I'll interest thesis challenging metrics results. metrics many And a a from lower story view quarter. those our high-level a detail income rate from shows supporting the as strong then environment. flat fees a growth drivers it more XX.X% Ram to section, by income as as well. interest in investment increased not day interest our positive despite longer-term feedback primary our a the the Slide businesses, and the fourth the behind as for

to valuation million mark-to-market security income track to was fourth our gain. and quarter, over to $XX.X grow in many time investment loss quarter a the position unpenetrated the by bodes first of continue the in record relative and drove million asset largely of losses. Chef and interest of we In for well verticals. Fee gains and growth share for $XXX.X Tattooed the impacted income see swings net opportunities Our market in ability as markets gain the unrealized outperformance quarter our we compared our

sales activity. year-over-year stand fourth businesses market experienced line XX% we quarter, benefiting finance. as our ago. focus for bright spots in under year new some basis. income offerings administration during were growth growth, have this on fund an that to Specialty nearly $XXX quarter aviation X% adds Trust that Corporate the about on increased both Dublin, The fee there well billion Processing trust In growth as fluctuations, office other to launched business billion We're services, a from market continue the expand excited in for and Trust in internationally a the center solid income. $XXX Excluding top as our to opening Securities appreciation from structured economic now potential at which to assets compared drive opportunities and is and lines. a business

infrastructure spending related our also both are which opportunity potential the trustee a business. anticipating and We proposed bill, be could to eagerly increased for underwriting for the great corporate

clients others. for in pipeline. We and active a FDIC wealth our And to of we've trading continues custody traction some team X added and variety recent fintech seeing reporting types. Our and to on Solutions provide fintech passive focus have an in suite investments private capabilities we're opportunities Investor from relationships XXXX where added space, with among growth services, investment in

business office developments quarter, forward brought the to a During CIO and for new we there. our look family on

accounts are we've growth opening use of seen online our and digital and customer-facing nearly After online transact forgotten quarter with in front, of deposit and focusing last customers. our On mobile loan account we our haven't of capabilities are industry shows online initiated new our banking years shifted, applications, new dynamics importance add is up penetration. first increasing now which while and their to with the using several nonmortgage first engagement competitive, of were digital General tools delivery XX% retail in investing the offering. on we've and as the are XX% have of channels connecting year, And we track, that monitor XX% accounts. digital applications people from quarter.

we're a materials in followed Growth this from of and in traction came posted loan seeing technology commercial by services. quarterly once Slide linked-quarter annualized PPP. and CRE, again an industries expansion of quarter, our in Moving balances, loan In C&I average activity. balance our excluding variety We markets. loan X.X% increase sheet. is snapshot strong portfolio, growth to including a the XX with diverse commodities,

capabilities consumer real building average estate has Additionally, in the are nearly fourth our the success evidenced the in quarter by which increase X% XXXX, mortgage as line mortgage continued on of included balance residential sheet. the from loans in our

for New were PPP loans. of with quarter X% balance and changes of of paydowns the $XXX outside million originations payoffs

Looking and both reopening uncertainty markets. various second CRE despite see quarter, the COVID in into in of pipeline to C&I and some robust status we the related a trends the

Given strong what we our reasonable should opportunities know to expect and continue. today, it's momentum market

cost of by Average of total and linked-quarter growth institutional growth deposit XX of funding stimulus along funds basis balances with seasonal on the to points, to public a to core compared DDA impact quarter driven the deposits XXXX. of of leading a XX XX.X% just basis and the buildup the first Our cost basis payments. recent total drive helped our X.X% the continued, points. increased business,

average Our peers, our ratio, typically for lower while was XX% quarter. the much loan-to-deposit than

comes Our and to our updated provide XX, balances. we're differentiated customer sources about Ram industries. position larger liquidity managing detail of more base, revenue, will Slide our sensitive in with exposure On which deposit environment. funding we've drives diverse how this

Changes X.X% improving. further of guarantors, strong borrower our include of excluding loans mitigating approximately oil typical evolving are carry the and levels both or various of prices we've million our prolonged and could PPP. X.X% loans, of As in we sponsors analysis categories billion that X in risk occupancy industry including factors, or a Loans After $X.X $XXX remaining possibly feel outlook totaled through and we've pandemic, where removal more quarter performance this crisis. the the housing student reflect moved on gas categories. of for adjusted list and our of the CRE based stabilizing this portfolio characteristics and the oil to

the As loans. under you'll with page, modified always, in of of continued loan see quarter to these million, $XX just contact bottom decline, at our that we remain At the balances ending have X.X% the close borrowers.

charge-offs of credit of nonperforming prior basis XX loans, improved just averaged front, assets the levels net end points period. of the On from the while

continued conditions quality million last the quarter, portfolio our provision. we of drove macroeconomic negative As $X.X improving loan noted the and

As the million loans warranted. stand credit X.XX%. $XXX.X conditions to and business allowance of may coverage allowance for to losses Total continues at an additional with economic on improve, be backdrop releases loan normalize

wrap of pleased and up, our I'm we coverage Excluding excited the opportunity PPP first XXXX the with quarter loans, X.XX%. about see in and performance, remainder that is I'm beyond. To

diverse to our guide find the meeting obligations sustainable on published highlights do governance building and using issues. right the and helped continued teams, available We has crisis. our efforts corporate and been adapt continually corporate good. our social website. balance to citizenship resources to environmental, is practices, the business XXXX of report COVID-XX It Our has implementing balance just related response This to actions and our

I'll turn comments. Ram it Now for Ram? few a over to

Ram Shankar

from Loan total earning as X.XX% of X earning as million basis, yields balances. were of and fees. interest approximately comparable growth Thank of days fewer to due income mitigated in On billion levels increased the to impact yields were million loan compared included quarter were $XXX well the you, linked-quarter largely prior the in to loan and flat as benefits points the quarter, Mariner. the NII $XX liquidity. from PPP X.XX% basis $X.X income was a fourth lower to by XX X.XX% decreased asset Net asset

and XX seasonal averaged points assets in XX of first average assets X% our fourth XX of quarter, reflects The yielded points XX% a the Fed points the have excess and points Our liquidity account, earning as comprising well The basis If in quarter, billion cash reversed compared on public from higher. quarter. earning businesses $X.X margin balances basis those balances basis to buildup repo net excess other consistent would and $X.X margin stimulus or XX billion the basis interest liquidity. programs. decline driven in inflows federal reported have with prior linked-quarter our basis benefits and net been funds was interest largely by as from remained

margin Additionally, liquidity from higher. levels, be with were pre-pandemic XX our historical averages points if basis consistent approximately levels the would

mentioned, deploy funding volumes, positions. in municipal increase year. from variability to institutional our The as large a add last business opportunities, our to liquidity flows by makes liquidity trust cash our including our to seasonality this portfolio $X footings funding our increase these securities loan as Mariner portion evidenced model clients our we growth of portfolio experience from business, Besides in continue unique. AFS as and aviation from As our billion the of well balances

purchased During X.XX%. yielded the quarter securities alone, billion we of that $X.X

focus supply income. on prudently remain focus these will Given and increase the in net near-term the our money system, a deploying excess patiently interest with to funds

March. on the portfolio. would timing on levels we and the Noninterest depend pressure income rates largely in million in of a and previously on our in expect the will gain million equity the PPP the the Capital trajectory first Prairie TTCF margin and of million cash $XX.X the $XXX.X margin sale $X.X some from investment, of reinvestment pretax the flows mark-to-market quarter. holdings for loss pace was by which modest Management partially of at and liquidity, forgiveness second on ahead, and end contained offset valuation Overall, quarter gains Looking securities of was other noted

on COLI various decreased details typical million The our the compensation businesses. lines its shown several And XX. of we in $X.X fee in have Mariner those income on with offset commented opportunities seen growth are Additionally, Slide some income reduced of expense. of

a the compensation expense the moderated On in increase and from reduction seasonal was the we The quarter. for expenses consulting side, levels by FICA, XXX(k) in million and incentive the XX.X% offset $XX.X expense. and rate the discussed insurance quarter. tax we elevated saw declined, from partially Legal the of fourth quarter, prior

will XX% anticipate For we XX%. be year XXXX, it to full approximately between the

leverage at ratio with and maintain to at capital at continue capital ratio total our risk-based We XX.XX%, strong XX.XX% ratios X.XX%. CETX

share per at portion Q&A Our prepared during months to begin value the it our now operator March the to tangible back XX.X% last and turn book That the $XX.XX I'll of concludes remarks, XX. to increased XX call. the

Operator

comes Ebrahim question America. of Bank with [Operator Instructions]. first from And Poonawala the

Ebrahim Poonawala

process liquidity around margin. liquidity interest operate term? Do I of book. us I'm the you some guidance to talk sticking the investing like, deployment. give levels how just with do you're to to in thinking assuming, near your for question, Ram, And this with deposit modest see managing in guess expect elevated XQ the the terms bond just GAAP for your liquidity cash of the first clarify us pressure bank? about net income, secondarily, one, in not, versus leaving Just in the you thought And if is,

Mariner Kemper

some with talk high-level information, Yes, the we're Ram doing. and and our things strategies deployment can Mariner. start sure. background I'll of sort about It's

liquidity. first is the say liquidity sitting dealing and PPP. the industry of all a is excess with thing on I stimulus We're between obviously lot whole think I'd

book in at have pretty UMB, For business, a institutional carrying addition that, we excess of which this sized to also is time. liquidity decent

growing. is So the as but thing this, sticking monitor it's around, -- not about we only it

that's And up hard, XX% really So we're do, that. matter year-over-year on in keep you a to up basis, deposits. no what with

backdrop. liquidity," if have oftentimes, something also we doing have I would you say, so it. say we're that recognize about the are -- And to about loan And you doing "What people of But growth. that's kind not we industry-leading as

I a thing tough job to So doing of a it -- with. just And pretty -- deploying it's we're a in it feel up tough keep good general. it's

doing We prospective are here basis. doing Ram go-forward a we're I'll you on what about things, and and several to ask tell it

Ram Shankar

as Ebrahim, right, comments, sure. been in said we Yes, I the prepared deploying this active in have pretty liquidity. so

You it our can in see sheet. balance

a some bought portfolio in Our the billion about $X.X as munis the alone, year mortgage-backed or up securities, is first just from ago. fourth AFS well. And $X we about billion both and of quarter --

stay liquidity also to quarters. X to other this is looking So us being until active X given we of in are going we're this. And here some options, with another be to at very deploying

big, $XXX overbuying We're in of And cash of repos. million, at million. banks. what buy diversified million not $XXX doing. true million $XX available, are from like at excess investment to talking sub-debt UMB other And options also a we've done $XX small what loans. securities our our our is, reverse when portfolio tri-party bonds we'll we then we'll do in of the pools So pool mortgage I'm to anything is margin, then doing flows culture

growth interest at highlighted the earning a deployment, be that liquidity. all of just to thesis, Fed the out pressure in of story, But we round question, this quarter. what we've basis so end then is clarify, account. at GAAP points the really a differentiated the active can options margin lot conversation, securities front different confident we So some investor liquidity on this really deploy that basis, loan But yes, on part that should investment and this are we're in in we're continuously we the between at yes, net modest evaluate the XX with our liquidity first to doing in looking and us the to our the of deck. deploy options day, this second so that's our portfolio a of your as And income

Mariner Kemper

on feel ability that I NII it Yes. in NII. I interest should like now. this right grow through it's we to I said last quarter, mean mean, environment, focus really rate our earnings

Ebrahim Poonawala

Understood.

$XXX.X headed PPP the higher X I So guess NII, that round of and Ram, And you fees here. forgiveness the sense just million ex PPP the be the proceeds? message in of versus details from do should any the is breakdown X, have on the remaining how

Ram Shankar

million have the on X about unrecognized originate this of PPP X point, so of X, X when to balance the Obviously, recognize that's PPP that this about calendar X. have see year did Again, through we million we forgiveness XXXX. PPP our PPP our $XXX process. We probably and revenues calendar another left to you'll sheet. from At this depend the will program early get $XX part left. $XX on So million as PPP about say it's coming on in too of we

Ebrahim Poonawala

just so Got moving I for I average has sort obviously, it. of growth, Mariner, a mean, growth think And above revenue differentiating been loan UMB. aspect --

for in know double-digit borrowers you the growth core what X last slides, Just and production low in year-over-year knowing loan guess, looking was be weakest being just high on there? to XX, single-digit, in a to in speak going the quarters. mode. levels, one that year? loan And do your that expect of now, that you the wait-and-watch Does declined at I range Anything

Mariner Kemper

I'm to so XX... -- trying

Ebrahim Poonawala

XX. Slide

Mariner Kemper

XX, you're seeing... Slide

Ebrahim Poonawala

production It loan is says year-over-year. down gross

Mariner Kemper

timing. timing. mostly That's just I think that's

to nothing opportunity across continue one -- see that's the to utilization. story And That's our forward. we board. we headwind that have roll there's significant on The lower We just C&I really. is growth as a business

know slide timing about As in more I rate. just And the making growth. really that X is talking things both there got percentage a and across utilization we normalize, basis. for that, a we're power should of is but late economy up regular And earnings we've and would year-over-year vertically. opens the that our But I and geographically on that's up thing say, board, -- off points about everybody

So as second my mentioned at we comments, strong. look -- quarter, looks in I've

Ebrahim Poonawala

one, I Got just it. then And one if may. last

mean talk talked terms us. In to of about I capital you deployment, fintech partnerships. some

You've previously where M&A. talked ability in of your deploy terms bank about Give inorganically. a us mind's sense capital at of to

Mariner Kemper

been have what don't there, some really process. Yes. than We're time I've to for say where active I have -- new we an saying M&A anything

other not and and do are banks to deal, we're just We do it. we're with for going having something to right we're not the just go do looking to actively conversations going --

we're on services always in said Public for Trust assets the active an it's the were fund the before, administration looking for And by we up nonbank which, for fund looking Finance market So Corporate business, $XXX in bolt-on right way, process. the we and business. opportunities year-over-year, our our as our under we're business, in billion side, deal, our services business,

board, are So strong, are always for looking institutional to opportunities and the very, very we across those to our continue consolidate. bolt-on businesses

James Rine

Rine. Ebrahim, Jim this is

unless services the partnerships additional account type will as model, we'll to the where side, service open looking fee we'll a services partnerships is debit opportunity sheet companies up the cetera, and so products versus that offer folks those acquire FDIC continue and our do On banking our cards, income for and the with right. fintech sweep those those balance or where et who and be bank-in-a-box offer provide to

Ebrahim Poonawala

the you or do the or contribution fees of from the fintech break down kind partnerships these And deposits?

Mariner Kemper

separately make We from that roll-up. do the not public

Operator

Fargo. Wells with Shaw Jared from comes question next The

Timur Braziler

little on for correctly, in Braziler of kind run seasonal think actually expense I Timur I a of great And expense rate. over if $X the quarter. payroll Maybe recall quarter filling there Jared. million was It's bit in first expenses, for

look rolls there some we Or fall to that bottom that's that does are the in investments that as line ahead, made off? the going all going offset of As quarter to some reduction? of to through of second be

Mariner Kemper

you why take that? Tom, don't

Thomas Terry

last is some there quarter, run rate to that down. we about are increases million. Look, it our quarter, a like like And quarter Yes. But million, variable $X Timur, the FICA, are bonus large said expense million our first particular goes are typical expense said right, you right, and $XXX like up $XXX to seasonal the before, second of also so I've as decrease nature in by is you commission. $X then part go rate that and Any into can million base, as quarter.

bond The we when other really business or trading of Prairie announced one our another that's skew is looking strong, ahead, quarter. terms one I from would And right, quarter activity sale of So expense thing $XX that can Management. about Capital annually, of in that the say expenses. also to million

you'll the quarter. So starting that recede see second

forward, going So would you as about expenses as I it model way think well. that

Timur Braziler

accelerate is a expect growth longer the kind year as the of of loan Or Okay. time? of b, I growing come back follow a there? this wondering, markets. the should Ebrahim's now about That's maybe online, growth if a, where loan see is there quarters conversation has just on runway here? from we could going couple period been for underrepresented the on good pipelines of more to then and to how I'm traditional forward It's back level color. And been growth. of just up And a end balances good see in then question some more much

Mariner Kemper

Yes.

across loan couple don't in decade big So than about of what to that say quarters. double-digit anything see is as past. The future We've runway a expect a the a think that penetration. footprint it's us. I'd in close penetration got about the what we our we long-term kind you growth commentary much really And different there's pretty about of behind is longer that than of

and market all So them. almost in Kansas very share and Kansas of larger almost outside we're we every of market than low in by population activities City is City, have business

the we've geographically through ground, So board, across the pure really a runway having vertically. teams both just really and long execution on and got the right

James Rine

economy. Generally, else's is which And someone Rine. we're not taking means Jim share, dependent that what is it's market is on This the client.

activity. share, we market when that there the business are taking So obtaining dependent that's current upon we're not already is economic necessarily

market particular our It So doesn't sales those as to markets, in anything grow our has with efforts. have we economy. with do to share the do it

Operator

KBW. The next from question with comes Chris McGratty

Chris McGratty

need purposes, Ram, modeling $XX with -- you. I'll well? for provide as $XX from revenue of what's million start Prairie, The could the the we remove rate to run just million, expenses maybe you the that

Ram Shankar

Yes.

the $XX million, look averaged last years, fees. $XX in about of If mostly you million at couple to it's

is of it All fees.

Chris McGratty

million yes. a $XX year, million, $XX

Ram Shankar

contribution million. is $X from million anywhere net The to $X

Chris McGratty

Yes. Got it.

and Okay. this And kind positive outlook of then Is constructive expense I operating quarter. the you case pieces mean of last where good just kind putting the year the economically? that are with base revenue given we on leverage together had year. for

Mariner Kemper

strong hard of think our say mean, I pretty profile. got lot strongly I so. it's parts, we I'd feel about moving feel but I to tell. that revenue we've There expenses generally, is under are do and do our we control, a guess what

So absent do of headwinds way that feel expect. come is challenges to leverage like we level reasonable to operating some our or any

Ram Shankar

with I would Yes, that. agree

Chris McGratty

-- that think you the -- guess, trough, a to Okay. get because seen X lot the horizon. Ram, alluded could and relative further releases CECL? year to about, do on be to I down on I the improvement reserve in you when last of And the I How How credit, day do we with then where the think of banks economy. move just of we've

Mariner Kemper

for So careful this -- think there about reason the it we're are our we risk -- business because and in that we're this about a the business. is Mariner. I cautious very reserves and

Moody's methodology, of loan quantitative. and our you've to portfolio and is quantitative growth stuff qualitative is, it what going be the And loan by performance The and the driven obviously, our unemployment. of activity so closely. got we're it And monitoring in portfolio the and around indications the economic

there uncertainties reserves on that some protect and make qualitative shareholders. sure us what be be. then we it based will piece to other protect such are our will the that things overlay will and So to And

the -- release any not we to very So on right reasonable would another give it like, on prepared expect What is, that the is it second we we're guidance now, looks the on how -- trajectory in big track to do that real we're on quarter. you that that.

Chris McGratty

just sure if buybacks. every to saw then -- pieces the priorities I great. But kind make That's quarter, which could, of Mariner. in I terms of I in with announcement the I'm mean I the what together of lastly, of said the year. you capital I bottom want on today, you buyback, last And authorized putting know that's still kind rung

Mariner Kemper

our shareholder Absolutely. growth. to is investing grow We -- #X focus and #X the priority. value That's in

Operator

from [Operator Nathan question next Piper The Instructions]. Sandler. Race with comes

Nathan Race

side institutional the The impressive last few quarters. pretty the over been on growth fee income has

Just acceleration rate the expecting trying of guys of if Corporate Trust side it's are Asset we've on you kind recently. or growth if recently the sense an pieces Servicing that of sustainable, in seen of somewhat that have to kind some put of a that based just get the place things, near and of on rates been

Mariner Kemper

business jump take privates set I'll is in then of alternatives that now return start the in see in. the been has has would interest right up. pretty last driven and can the has pursuit system don't of lot the all about activity fund I what few servicing But years. with which slowing a down, happened say and over our accelerated, rates, and liquidity I with and fund the services, that, that's what with Jim it

and alternative of one largest successful in space. the and most We the players are private

move see what activity benefit investing that down. so from is private you've the seen that And slowing from public and we and to don't liquidity us investing,

is that expect in the recipient Along spectrum that, has We invest major who investing, private of further into the can shift much have privates. invested. be continue which way you money a to of with in of to the downstream democratization gone being

So privates alternatives. really well bodes all for and fund the in space that the

top team. competitors of because So say great. it I backdrop business, We've is sideline. in We're off flight our pick our business. very what platform the efficient. for We've all a on services strong. been competitors. the is got put all And of able Pipeline sort that people fund Technology is consolidation from that's the our of to lot

So infrastructure there, is comes when what's Corporate Finance basis, through, bill we're very fund across really happening a I'm we business I and for the happen. poised all underwrite, excited services that to business, services. believe Public say we'll trustee and business and and if. poised to consolidate on when through in continue the our Trust be because both national really Trust going Corporate escrow The about to well it's sell country. likely do to

York -- offices project, on is doing We of New have hundreds now. were offices large and in moving Florida, We're kind the New from opening in hundreds shift business the a coast. millions projects, of type to L.A., size New large, York, Jersey, big dollar which we deals prior doing

largest #X of consolidation for looking opportunities the and heels the the and on #X clipping agent third We're of trustee as in paying kind we're country. So there.

going globe. means starting in open specialty the sold very and economy be -- to Boeing getting are space, issues aviation That up themselves. mean the Our across the excited we're bought to as about, is resolving business planes particularly the and I again.

XX Our in finance of world. Dublin to before. structured do office in Irish were more capital business than to countries sort allows able now Ireland the of us we is the

globally. And business doors -- us for really the our it opens so that allows

that's is Corporate bankruptcy well and there very, doing very Trust, our So the too. trustee business

first I in business our million think $X we quarter. quarter the that had first in just

deck it touched fintech up we're -- asked And seeing on to to And so again our providing there. Investor in about relying see do I'll business, with Solutions excited which Jim firms. our relatively And our brokerage can pause services mature grow very then very, our So talked by was same then institutional, on you the about business you that. a that. now so the wealth and And fintech. companies the that signed the latest business, well, have business us. there, about We X wirehouses

James Rine

erode. And business to back. as rates that say additive gone then go the business that down, seen fees as only have add those on be back would the is continue to up, rates we've as the come will XXb-X I institutional thing the

we've we'll So And back go fee the rates side. up, growing been see traditional XXb-X then fees. as

all don't else additional you'll on as hit I have Mariner see you can anything the that. look rates additional growth see improve. highlights -- So other to to than add

Mariner Kemper

Jim's I steal thunder. always

James Rine

I'm used it. to

Nathan Race

well. great back the that discussion. details I the just and updated That's all as changing to in M&A color. it. you're slide other going gears Got the and appreciate deck Perhaps

to obviously front more you're Just a on all-time XXXX and less looking course currency holding affect over stock optimistic the or curious, going if the highs having on feeling a strong with still of the perspective near transactions here. forward forward, acquisition

Mariner Kemper

-- I you that... ask sure not might I'm

James Rine

Do cost? we about feel optimistic M&A

Mariner Kemper

[indiscernible] industry Yes. backdrop, if talk mean say, I done. I about deals you the are getting would certainly, just

to be to foundation some getting built deals get being some seems seems done. and for to be consistency, pricing So there

We tape deals. happens. We're the build high-quality of So have just we'd hope to doing within But done. and we so. keep deals so. guidelines, hair We're our some good that what like something has ticker dig going not think on see to quality, do rails to keep get deep relationships, again, to going something -- into don't it to to which

Operator

would concludes have question-and-answer remarks. management over we no conference for our I to to the turn As questions, closing back further session. any now this like

Mariner Kemper

a a would business. on what's I we've wealth on management, have fee but about but for excellent thing did hired mostly the is launched the private with really only side, business. nice our going mention had an segment had that ran very business The management excited We've private investing CIO institutional wealth very to We unique We first business, to very Yes. the very business. offering. our get wealth comments prepared this Mariner. from talked for office our didn't strong Northern. for with about And quarter. -- talk that We quarter for family we're about add us new we in side comes that think Trust, -- a I Northern our side institutional We

about our offering. excited wealth very we're so And

the couples and institution, with prospects has backing. capital forward. around very trusted We long have the a right -- going commercial our excited as that time, with partner really for institutional been and about how an institutional really, We're business that

appreciate So that, only than that's And the add. I time. everybody's we thing would other

Kay Gregory

everyone, Thank you. us for today. joining Thanks, thanks, and Mariner,

can interest and have contact your XXX-XXX-XXXX. a As day. appreciate at Relations great time, always, We you Investor and

Operator

concluded. Thank today's for conference attending now has presentation. The you

may You now disconnect.

UMB Financial (UMBF) 1 May 212021 Q1 Earnings call transcript